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Posts Tagged ‘Bank of America’

I am currently writing an e-book on the Kindle format about how to find a job in this economy.  I want to make the book especially for people who are currently unemployed and give them a guide that will produce 3-4 good tips in a 20 minute read.  No filler or BS.  I am covering the current job market, social media and the job search, pre, during and post interview tactics and humorous stories I have accumulated about the dumb things applicant do in my office.  I expect to have this done about the first of the year.  I am asking if there are any questions you may have that I could answer in the book.  Please feel free to comment on this page.  Thanks

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The more I hash over the economic issues, the more I am convinced there is only one way to fix the problem.  Revamp the tax code…meaning throw it all out!  When I was advising high net worth clients, they had armies of people helping them avoid taxes.  The richer they were, the bigger the tax returns, trust documents and shell corporations, to hide income. Why do we need to do all that?  Because we have a huge industry of lawyers, accountants and specialists that would be out of business.  These folks make a lot of $$$  (and vote) and it won’t be easy ripping that income away from them.  Until you make it easy to pay taxes you will have problems collecting and maintaining your base because people come up with new ways to avoid paying.  Make it easy.  Everyone pays something. Lay offs for the IRS , Lawyers and Accountants are your only downside.  What’s wrong with that?

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I have been working through our friendly neighborhood SBA loan program.  It could be the most degrading process ever invented.  Every step of the process is designed to be as painful as possible..quite like doing dentistry in the 18th century.  Not only do you have to provide about 7 inches of paperwork, you must endure idiotic questions from an underwriter that would have trouble running a 2 person convenience store.  Why this is so troubling is that our Federal Gov’t didn’t ask any of these questions of Goldman Sachs, Bank of America, or AIG  that were given billions.  Heck, their financials were prepared by the same person that bills out $700 toilet seats at the Pentagon.  Not only does the financial institution get a75% loan guarantee by the Feds (meaning you an me) they want additional collateral for the 25% that is not covered.  SO…they only want to make risk free loans.  Any business that needs a 100%  backing  should not be in business at all. This leads me to 2 conclusions:

1- 75% of new business growth comes from small business.

2- Small business can only apply for risk free loans.

Pity we don’t realize under these conditions the employment and economic picture will continue to be murky because we appreciate the 25% of the job market that eventually lead to the greatest economic boondoggle in 200 years.

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With the new year brings the opportunity to improve your staff or make some timely additions.  Before you run out thinking that Mr./Mrs. Fantastic is just sitting around waiting for your call…we better get a few things straight:

1- You will not find too many “gems” in the vast amount of unemployed people.  When you do..you better act fast.  I spoke to one prospect that sat on resumes for 3 weeks..guess what?  The good ones were gonzo!

2- Speaking of resumes.  Is that all you are using to screen applicants?  Most of these are just a poorly written commercial complete with BS, incomplete dates of employment and phony schooling.  You must actually talk to people to hire the good ones.  Yes…that means good old-fashioned in person interviews.

3- You cannot hire a person that is great at everything!  You must focus on the 3 areas you need to accomplish and hire for those first.  You will have to train the person on other tasks.

4- Training? Yes, you will actually need to spend time developing your team.  Don’t have the time.  Be prepared for a 20% increase in your salary target for that position.

5- Plan ahead.  Good candidates are cheaper now but as the economy improves, they will be harder to locate and you will be left bidding up your salary’s for the Bronze Medal Winner.  You can quote me on that!

How are businesses doing?  We work with over 85 different companies and it has been better so far.  The problem is lack of funding.  You know how I hate the banks, and they are still not helping with capital to small business.  Unless you have a ton of collateral for a loan, you are not going to get any help from them.  When they loosen up…business will get a lot better!

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