April 29, 2008
Small Business
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They type of people that I am passionate about helping are people who have their own small business who find themselves confused because their bank won’t help them even though they have been a customer of theirs for a long time. All they are looking for is a person who can help them get a mortgage to secure their home or to eliminate debt and who is willing to take the time to really listen and genuinely help.
My customers are interested in integrity, honesty, empowerment and success. They feel it is important to work with people who embody these characteristics as well.
My customers are not the people who started their own business to make a quick buck or to take advantage of people. They took a big risk because they believed in themselves and what they offer has value to people.
To use my services my customers need to have confidence in me not only to be a great mortgage broker but also to be a person who genuinely wants to see them succeed.
To do this I let every one of my customers know about my code of conduct and both of our responsibilities. This way they know what is expected of them and what to expect of me.
I feel fortunate to have worked with many great small business people.
- I have listened to their problems.
- Analyzed their data to find the right product for their situation.
- Presented it to them in a clear and concise manner.
- Ensured that they felt comfortable before they signed anything.
- And followed up with each and every one of them to make sure they were satisfied.
I am building my business with a strong foundation and l look forward to offering a service of value to southern Alberta small business owners.
April 23, 2008
News, Uncategorized
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Beltrame, Julian. The Canadian Press. April 22, 2008 <http://www.thechronicleherald.ca/Front/9006400.html>
OTTAWA – The Bank of Canada slashed interest rates by half a percentage point Tuesday amid worrying signs that the economic slowdown could be steeper and longer than previously thought.
It was second time in as many months that new bank governor Mark Carney has moved aggressively on interest rates, bringing down the key overnight rate to three per cent, one-and-a-half points below where it was at the start of December.
But in an unusual reaction, Canada’s chartered banks delayed for most of the day matching the central bank’s reduction, suggesting growing unease with the state of financial markets.
The Toronto-Dominion Bank was first to act, after 5 p.m. ET, announcing a 50 basis rate cut to its prime lending rate to 4.75 per cent, followed by the other four big Canadian banks.
“It’s a fair question to ask if monetary policy is losing its steam,” said Dale Orr, managing director of Global Insight Canada. He noted that the last time the bank cut the rate by 50 basis points on March 4, short-term lending rates dropped in response, but five-year, and 10-year bond rates actually went up.
The Canadian Real Estate Association offered further evidence consumers are not receiving the full benefits of monetary easing. The group said five-year conventional mortgages in Canada were 6.99 per cent prior to the central bank’s latest action, just slightly above where they stood a year ago.
“There’s a cost of funds issue that no doubt the banks have to wrestle with – the banks are reluctant to lend to each other because there’s a default risk,” TD Bank chief economist Don Drummond explained.
“We tend to think that the bank rate tends to set all the cost of funds, and it normally does, but it certainly hasn’t been doing that lately.”
In an explanatory statement of its action, the central bank did not mince words that its expectations for the economy have darkened and that it would probably need to cut rates at least once more to provide needed stimulus.
The bank said Canada is in for two relatively lean years and the economy would not fully recover until mid-2010.
“The bank is now projecting a deeper and more protracted slowdown in the U.S. economy,” it said in a statement.
“This has direct consequences for the Canadian economic outlook, with declining exports projected to exert a significant drag on growth in 2008.”
The Canadian dollar slumped almost three-quarters of a cent in reaction, but recovered most of those losses to close at 99.21 cents U.S., down 0.19 cents.
While some economists said the steep reduction was necessary, several questioned whether former governor David Dodge, who had praised the measured approach at his leave-taking in late January, would have reacted in similar fashion.
“It’s quite possible we may have had a different decision under David Dodge, but we’ll never know,” said BMO deputy chief economist Douglas Porter.
While avoiding using the word recession, the bank’s statement presented a gloomy picture of the global, U.S. and Canadian economies as they struggle to overcome the ongoing turmoil in financial markets caused by the U.S. subprime mortgage crisis.
The global economy has weakened, the bank said, and because of the slump in the U.S., Canadian exporters will find many of their traditional markets have dried up. But tight credit conditions and softening confidence will also slow down business investment and consumer spending, it added.
It projected growth at 1.4 per cent this year and 2.4 per cent next year, a significant downward revision from last January’s modest growth expectations of 1.8 per cent and 2.8 per cent. The economy will finally bounce back in 2010, it said, to record a 3.3 per cent rate of growth.
Still, that’s far from a recession. What will keep Canada’s economy above water, the bank said, is relatively strong domestic demand supported by high commodity prices, strong employment and stimulus provided by lower interest rates.
Porter said the bank’s stark language would justify such a deep cut, although he questioned whether the situation is as bleak as the central bank suggests.
“But given that Canadian inflation is so far below two per cent, the bank has the luxury of over-insuring the economy against downside risk,” he said. “They’ve taken out a huge insurance policy. Maybe they have too much insurance, but the upside risk on inflation is relatively mild at this point.”
The central bank said that the rate of price increases has been running at about 1.5 per cent in recent months and is expected to remain below its two per cent target throughout this year and next.
The bank’s next announcement for the target rate is scheduled for June 10, when many expect it will make its last adjustment this year by shaving the overnight rate to 2.75 per cent.
April 22, 2008
Small Business
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If you have read marketing books you may recognize the phrase, “Unique Selling Position”. This is the idea that entrepreneurs need to differentiate themselves from others who sell similar products. It works upon the idea that when you focus on a specific area/market you will be able to meet the needs of those customers better thereby making you more valuable to those customers and it turn get their business. It makes sense to me.
One of the issues that I have with this is that people typically choose a Unique Selling Position based upon how they can maximize profits. This to me seems reasonable but I believe it misses the key to real business success – the passion.
I have chosen my Unique Selling Position to be focusing on getting people with small businesses to use me as their residential Mortgage Associate. I chose to focus on these people because I believe in these people. I believe that these risk takers start innovation. I believe that these innovators find new ways to add to their business and to their community. I believe in their dream to make a better life for their family and their country. This is why I actively seek their business because I believe I can help them make their dreams come true.