Get Out of Your Career Rut

Are you not making changes in your job right now due to increasing uncertainty about work?

Do you want to do something different but don’t think you have the confidence to take the next step?

Get Out of Your Career Rut

Do you want to take your business to the next level but don’t feel very brave?

Many people think that because the UK is officially still in a recession, it is not the time to take risks or move out of their comfort zone. The media is constantly reminding us that the economy is struggling, there is increasing joblessness, and financial woes.

I am not disputing that it feels like there are challenging times ahead. But I also believe that the way we approach life impacts on the way we project ourselves in both our day to day lives and career.

Let me be blunt, for many people the threat of the recession on jobs is a good excuse for not doing anything about being fed up at work. It is easy to stay with your existing employer, stay in a job you don’t like, or put up excuses like those I have mentioned above. You may think that more companies are making redundancies, fewer organisations are recruiting and more people are applying for the small number of jobs that are being advertised, or it is easier to keep your head down with your current employer to avoid facing redundancy.

In the current economy, it doesn’t stop the brave from making big choices, taking changes, setting up new businesses or facing new employment, it just takes courage, bravery and confidence to take the next step.

How would it be if you could be successful, step out of your comfort zone and live the life you desire?

How would you feel if you could face the next year with the mindset that you know you will be successful?

To kick start your next steps in 2010, here are my top tips.

1. If there are less people applying for jobs that are being advertised, why don’t you become one of them? If you can show how you stand out from the crowd, you will be in great demand for the role.

2. If you want to change your career, take some time to understand your transferrable skills and strengths. Then research the opportunities available to you.

3. Improve your networks. Develop great contacts with people who can help you to source the job or career you desire, or put you in touch with influential people.

4. Find out what organisations are hiring staff at the moment and apply to them direct. If they are attempting to cut costs, you never know, you may be the right person at the right time.

5. Ensure that your CV is up to date as it is a great marketing tool that demonstrates why you are the best person for a job. When you are applying for jobs, make sure it reflects what is required within that role.

6. Remember … READ MORE ...

Obtaining a Business Line of Credit

When you are deciding whether or not your company needs a business line of credit, the first thing you should determine is how much your business can safely borrow. In order to do this, you should review your cash flow analysis to see the amount of principal that can be repaid on an ongoing basis if it is required by your lending institution.

In some cases, a principal repayment does not need to be made on a monthly basis as it relates to your business line of credit. Instead, at the end of the credit facility, the outstanding principal balance is converted into a loan and regular payments of interest are made.

However, this methodology is becoming somewhat antiquated as banks are taking fewer risks when it comes to the extension of credit. Now, you will most likely be required to immediately repay any outstanding balance once the term of the credit line is complete.

When you are obtaining a business line of credit, you are going to need to have a business plan that showcases to the financial institution that your company can handle a specific amount of debt. Your banker is going to be most interested in your balance sheet as well as your cash flow analysis.

Prior to visiting a financial institution, you should work with your certified public accountant to determine the metrics that will be used by the bank when they are considering your business line of credit request. Additionally, your accountant and business adviser can assist you in putting together the credit request application that you will need when you are discussing your capital needs.

One of the most important things that you should discuss in your credit application and your business plan is how you intend to use these funds. This is one of the most crucial factors as the bank is going to want to see that a good portion of your line of credit it for tangible asset purchases. A smaller portion of the facility can be geared towards working capital purposes or for ongoing inventory needs.

In closing, obtaining a business line of credit is a difficult process that will require a full examination of your business as well as your personal financial situation. You are always going to be required to provide a substantial personal guarantee, including your primary residence and vehicles, as it relates to undertaking this type of debt. As such, and with any business decision, you should carefully review the benefits and risks that are associated with using a business line of credit.… READ MORE ...