Interesting Tidbits – September 25th 2012

Harvard Study: people who set too many goals tend to focus on hitting the ones that deliver the greatest quantity vs. the greatest quality. The key to successfully setting goals is to keep them realistic and attainable, but also specific enough so you can measure success as you move forward. It also takes time for new things to become a routine, so be sure to give yourself enough to establish a solid one. Writing down 3-5 goals you want to achieve and attaching a timeline to each one will help you stay focused and improve your odds of achieving them. Be sure to set and stick to deadlines to make sure you reach your goals, but allow yourself just enough flexibility to adjust to a changing schedule. Stay focused, keep your list of goals front and center, pick just a few and you are onto something powerful.

A recent poll by the National Foundation for Credit Counseling finds 80% of those surveyed said their finances were in need of a major overhaul. Meanwhile, 13% said their finances could use a tune up; 4% said things were puttering along just fine and 3% said their finances had never been better.

The 20mm plus businesses in the U.S., about 2% have owners that are less than 25Ys old and 10% are between 25 and 34Ys old. Things ramp up from there; with 21% of business owners aged 35 to 44 and 30% aged 45 to 54Y. Rounding out the groupings, we find 24% are aged 55 to 64Ys and 12% are 65Ys or older.

A survey of SMBs finds 78% have given payment extensions to customers; 75% said maintaining and increasing sales performance was their top short-term concern; 50% of small business owners have experienced a sudden cash crunch in the past year; 40% said lackluster consumer spending was a key issue; 30% said slow customer payments and bankruptcies were the biggest challenge to managing cash flow and 28% said their cash crunch was due to sales that didn’t improve as much as anticipated.

The WSJ reports Bank of America plans to close 200 branches this year, after closing 178 last year.


Branch Manager that has worked in the small to medium sized business lending field. I have experience in all types commercial lending and I'm here to provide insights from a lender's point of view. I hope to impart some knowledge that can take your business or profession to the next level. I currently work as a Branch Manager at the 10th & Bannock Office for Banner Bank in Boise, Idaho.

Posted in Cash Flow, Credit, Finances, Goal Setting, Harvard, Small Business, SMB

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