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Monday, September 12, 2011
Paul Simon 's Stirring Performance at 911 Ceremony
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Evaluate Your One Year Plan Every Three Months
In the last Leasing #101, it centered on “Planning for Next Year.”*
Business plans and budgets should be guides to your business efforts and need to be grounded in reality. When times are tough nothing is more important than a strong business plan. The principal parts of your business plan, and their sequence, vary from leasing company to leasing company because of their capabilities like cost of money, size of transaction, number of employees, etc. But as a general rule, your plan should answer the following questions:
1. Company objective, direction and capabilities.
Please keep in mind that this outline is only a general guideline. You may have good reason to add to it, omit some sections, or rearrange their sequence, depending on your reading of where your opportunities are and what needs to be done to realize them.
I think one of the main purposes of a business plan is to stop, look at what you are doing, and reevaluate the future based on your company capabilities. Hard economic times may shift, your market will change, and to continue down the same plan is certainly the wrong course of action.
Just as the Defensive Coordinator and Offensive Coordinator change their tactics in a football game, you need to reevaluate your moves too, at least every three months to stay on top of the changing economy.
Some companies try to reinvent themselves and head into markets that they are convinced will provide great opportunities, only to find tough going and limited business. Therefore, besides just drawing up the plan you need to investigate thoroughly any major change in markets or direction. The plan is a chance to “think” about what you can accomplish and look for markets that your needs fit into. If your plan is just throwing darts at a phone book in today’s economic time’s you better start telling your people to begin looking for work.
Management has a responsibility to direct the business activities, not to just complain and try to drive people harder.
I am always reminded that President Jimmy Carter was the hardest working president that we ever had and also the least effective. Hard work is important, but working smart accomplishes much more.
I would check out your local trade show facilities and attend the show and listen to the distributors to see what markets are holding their own and where to look for Lessees. There are still lots of markets where equipment is being sold and leasing or financing is hard to come by. Make your capabilities known and do some homework before approaching new markets or territories.
Once again you need to revisit the plan every so often (not over three months) to reevaluate the correctness of your direction. Also if you choose to enter new markets make sure your sales staff is prepared to understand that market or perhaps hire people familiar with the that industry. Just because a market appears attractive you can spend a lot of effort, money, and time developing it. Therefore do not go after more than one new market at a time.
Evaluating your business plan from an objective view should be a constant activity. The strongest advantage American businessmen have is the ability to recognize mistakes and make adjustments as needed instead of waiting for next year to change direction. Commercial equipment leasing has to be flexible and adaptable to changes to survive.
Mr. Terry Winders, CLP, has been a teacher, consultant, expert witness for the leasing industry for thirty-five years and can be reached at email@example.com or 502-649-0448
He invites your questions and queries.
* “Planning for Next Year
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Allegiant's Chris Enbom's Brother Premiers on TV this Wednesday
Chris Enbom, CEO of Allegiant Partners, Inc., who is also the president of the National Equipment Finance Association will be in Minneapolis at the NEFA Funding Symposium this Sunday, but it won't stop him from watching at 10:30pm, NBC, the premier of his brother's TV show "Free Agents."
From the NBC Website:
Hank Azaria ("The Simpsons," "Huff") stars as newly divorced Alex, who is missing his kids and trying to keep himself together. Alex's co-worker Helen (Kathryn Hahn, "Hung") thinks she has it together, but she drinks too much in order to cope with her fiancé’s untimely death. It's no surprise then when these two overworked public relations executives share an ill-fated night of passion and are forced to cope with the awkward aftermath.
Thus begins the journey of two lost and emotionally damaged souls in search of happiness. Joining the cause is an array of co-workers who are both helpful and meddling at the same time. Stephen (Anthony Head, "Merlin," "Buffy the Vampire Slayer") is the office boss who is concerned about Alex's emotional stability, yet needs him to focus on his work; Dan (Mo Mandel, "Love Bites," "Modern Family") is a bachelor in search of a wingman; and Gregg (Al Madrigal, "Wizards of Waverly Place," "The Daily Show") is the nerdy, lone husband of the group. Despite their valiant and well-intentioned efforts, they are failing in their attempts to help Alex get back into the dating scene. In addition, Emma (Natasha Leggero, "Ugly Americans") is Alex's spitfire assistant, who is always ready with a quick comeback, and Joe Lo Truglio ("Backwash," "Mad Love") is the building security guard who is always ready to share a little advice. Together, this motley, and often dysfunctional, group takes on a new level of damage control.
"Free Agents" is a production of Universal Media Studios in association with Dark Toy and Big Talk Productions. Enbom is executive producer/creator along with executive producer/director Holland. Ira Ungerleider and Karey Burke ("Miss Guided") executive produce, along with Big Talk Productions' Kenton Allen ("Free Agents," BBC Network) and Nira Park, as well as Chris Niel.
Average Office Lease Remain Low
Average lease terms remain low by historic standards for both office and industrial space. The average industrial lease term year-to-date has dropped to a decade low of 44.0 months. Third-party logistics firms have been most active recently, and they prefer shorter-term leases that co-terminate with their logistics contracts, often three years.
The average office lease term of 56.3 months is the second-lowest level of the decade, slightly above the recession year of 2009 and tied with the recession year of 2001. The trend toward shorter-term office leases may be driven by the preferences of both tenants and landlords. Businesses have been reluctant to hire and to tap into their cash reserves, and shorter lease terms fit with this conservative mindset.
For their part, landlords aren’t anxious to sign long-term leases until rents start to firm, which hasn’t happened yet in most markets.
Now is a good time for tenants to sign longer-term leases if they feel confident in their revenues and if they can convince their landlords.
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Ira Romoff Walk4 Hearing
From Ira Romoff, long time leasing officer:
I have accepted the challenge of participating in the Garden State, NJ Walk4Hearing walkathon.
Arlene began using hearing aids in the early 1970's. After our children were born with normal hearing, we were so thankful that we decided to volunteer on behalf of people with hearing loss. It became Arlene's life's work.
Little did we know that her hearing would gradually decrease over the years and eventually leave her profoundly deaf. Miraculously, 13 years ago a cochlear implant enabled her to hear and communicate. Now, a second cochlear implant allows her to enjoy conversation, music and the sounds of nature even more. She is truly bionic! Her second book, Listening Closely: A Journey to Bilateral Hearing (go to ArleneRomoff.com for more information), has just been published, and tracks the miracle that allows my totally deaf wife to hear!
The mission of the Walk4Hearing effort is to increase awareness about the causes and consequences of hearing loss, the invisible disability - and to raise funds to provide information and support for people with hearing loss. I am asking you to help by supporting my fundraising efforts with a donation.
Your tax-deductible gift will make a difference in the lives of many! It is faster and easier than ever to support this great cause - you can make your donation online by simply clicking on the 'DONATE' sign above the goal thermometer. If you would prefer, you can also send your tax-deductible contribution to me at the address listed below.
Any amount, great or small, helps in the fight. I greatly appreciate your support and will keep you posted on my progress.
Ira Romoff 201 995-9594
Click here to visit my personal page.
Click here to view the team page for Ask Arlene
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