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Starting a business can be an extremely stressful and laborious process although ultimately it is rewarding, especially if success is forthcoming. It is however important to make the realisation that starting out in the world of business is not easy; many have the impression that they will be in charge of a workforce and hence will be able to sit back and relax while the money pours in. This however is a common misconception, even the highest level executives have to put in a great deal of work in order to achieve, its not just about a big fat pay cheque. When starting out however one of the most important considerations is the choice of bank account. In a marketplace stuffed with a vast array of account packages, it is difficult, but with a little research it is possible to find the perfect bank account.

In the inaugural stages of business having a bank account that simply lets you cash cheques and withdraw money when it is needed is preferable. At this point having financial services that do anything more is most probably a misspending of funds. Interest, while a major concern in savings accounts should not be excessively considered; it is unlikely that in the first years of operation that the business will earn enough to warrant interest, it is only after the company is making a healthy and regular profit that interest rates should be researched.

A specialist account is not always a necessity, those who operate as lone traders can use their personal account rather than opening a business variety with the bank. That said, having a specialist package does add a sense of professionalism to the operation, in most cases putting the name of the company on cheques and payments makes transactions look that more professional. In addition, having a specialist financial package makes the process of compiling tax returns that much easier and transparent.

If opening a limited company it is essential that a business account should be opened. The bank will need certain paperwork however during the opening process. Part of this required paperwork will be the certificate of incorporation; this gives the bank certification of the company’s status. Without this certification it is doubtful that the possibility of opening accounts will be gained.

While it may be easier to use the bank that holds your personal finances, it is often worth shopping around for the best deal. This is because most banks will offer great rates to customers first using their services; it is sometimes the case that existing customers do not receive the best deals. At this stage however it is important to remember the longer picture, most banks offer start up deals such as a period of no charges; do not be swayed by these however, look in detail at how charges will be compiled after this inaugural period has expired. Fundamentally shopping around is the best advice; with so many packages on the market securing a great deal is a very real and attainable possibility.

As previously stated starting a business requires a large amount of hard work and dedication. The decision should not be taken likely on which bank’s services to utilise. The choice of account is vital, get it wrong and the company is not given the right building blocks for success. Get it right however and your business can soon be a successful and profitable venture.

DATELINE:  RANDOLPH, MA…

The Randolph Savings Bank Board of Directors has elected Thomas H. Drummey President and Chief Executive Officer to succeed Richard Boonisar who is retiring in July. Drummey had been the Bank’s Executive Vice President and Chief Operating Officer.

“Having Tom follow Dick Boonisar will allow the Bank to enjoy a seamless transition of top management,” says Robert DiMatteo, Chairman. “He has worked very closely with Dick as Executive Vice President and is familiar with every aspect of the Bank’s operation. He has been a big part of the success and stability we have enjoyed over the past year.”

Drummey joined Randolph Savings Bank in 2000 and was Senior Vice President, Senior Loan Officer before being named Chief Operating Officer in 2006. Prior to that, he was Senior Lender at Sharon Credit Union and Lending Manager at Coastway Credit Union. His introduction to banking came when he worked on the House Committee for Banks and Banking at the Massachusetts General Court as a Legislative Aide.

Drummey is a member of the FDIC New Immigration Alliance Task Force, the Mass Bankers Association and the Mass Mortgage Bankers Association. He also serves on the Board of Directors of the South Shore Chamber of Commerce.

A Norwood native, Drummey now lives in Plainville with his wife and two children.

Randolph Savings Bank

Founded in 1851, Randolph Savings Bank has seven full service locations and two lending centers serving communities in Massachusetts and Rhode Island.

The Main Office of Randolph Savings Bank is located at 129 North Main Street in Randolph, MA 02368. For additional information please call (781) 573-1383, or visit www.randolph.savings.com.

In the space of a few years the internet has revolutionised the way the majority of us do our banking. Most banks and building societies offer their internet services 24 hours per day, meaning that even those leading the most unconventional of lifestyles can access banking at their convenience. Wherever you live in the UK, loans, current accounts, and mortgages can all be bought and administered online.

Ever since the advent of the internet, businesses have been searching for ways to use it in innovative, safe and secure ways hoping that it will offer more opportunities to drive business and increase profits. That includes banks which have often been at the forefront of internet technology in the search for a cheaper and more efficient way of doing business with their customers. Although they are unlikely to risk outrage by completely eliminating their branch networks, many high street banks would prefer the majority of customers to transact their business online. That is because it is by far the most profitable channel for the financial institutions.

And certainly from a customer’s point of view there are many good reasons to do your banking online. It’s extremely convenient plus you don’t have to go cap in hand to the local bank manager if you want to arrange any form of borrowing, and risk the embarrassment of being turned down. Now all that is required is a click of the mouse, whether it’s to submit an application for a short-term extension to an overdraft, or to apply for one of the many longer-term personal loans, all are available on the internet.

Indeed, the internet is rapidly becoming the number one place for applying for personal loans, and more people are regularly doing their banking online with payments association APACS reporting a 174% rise in numbers over the past year. Their figures show the greatest rise in usage coming from the over-55s with a 350% rise over last year. That ties in to a drop in reported online fraud as users become savvy to the most obvious phishing scams, and banks improve their education of users and tighten their own online protection.

Online comparison sites have also become extremely popular with the online community. They have made significant in-roads into the financial markets and potential customers can go there to compare loans, credit cards or even mortgages all on one website, without the need to do any of the hard work themselves. With everything required to cover all banking needs online, it is easy to see why it has become so popular.

Credit card use has many associated fees and charges like annual fees, cash advance fees, over-the-limit fees, the APR, late payment fees, returned item fees, etc. There is no way to escape most of these fees; it is just the cost of making purchases via the lines of credits offered by the many card companies operating today.

Another of the fundamental costs that is billed to your cardholder account is the finance charge. What is it? Well, the finance charge is the actual dollar amount that you are required to pay to make use the credit line attached to your card. As with many of these other fees, the finance charge will vary depending upon factors like the outstanding balance of your card account and the APR.

As for the APR, that will vary depending upon the card company’s policies. Outstanding balances, on the other hands, may be determined in a number of ways depending upon the methods of a particular credit card company. It is the outstanding balance that will have the most impact upon the amounts you will have to pay in finance charges. So how is this outstanding balance calculated?

Calculating The Balance

The outstanding balance on your credit card may be calculated over one or two billing cycles, using one of the three following balance types:

the adjusted balance
the average daily balance
the previous balance

Regardless of which type of balance you choose, you will also need to factor in whether you will either include or exclude any new purchases that are in the balance. Once this is accomplished, you will have successfully calculated the finance charge for your credit card or credit cards.

With all of these elements in mind, you need to understand something else. Based upon the amount of your carry-over balance and the timeframe of both purchases and payments, your finance charge will be lower during a one-cycle billing period and any of the balance types:

the previous balance option
the adjusted balance option
the average daily option (excluding any new purchases)

What About Minimum Finance Charges

Some card companies offer cards that have what is called a minimum finance charge. This is a type of charge that will remain the same regardless of whether you calculate a different or smaller balance using one of the above methods. Most of the time, minimum finance charges are employed when the payment of a finance charge is requires. This typically happens when you have a carry-over balance the stretches from on billing cycle to the next.

Knowing something about finance charges and having means of calculating what a particular charge will be can be helpful for cardholders who want to be aware of every critical aspect of how their card works. This alone can be very helpful when determining the impact of particular credit card use over time and the consequent charges that will be incurred by the cardholder.

Are You Getting the Credit You Deserve?

Have you ever wondered why so many businesses fail within 1-2 years… or even after 5 years in business?”

To many business owners, this question is scarier than finding a burglar standing over your bed at night. So, here’s some common sense advice that can save your business, regardless of how long you’ve been in business.

First of all, building a solid business credit rating is possible regardless of your personal credit scores. Obtaining the right types of corporate credit is vital to: the protection of your personal assets, the risks associated with personal lawsuits affecting your business, and your business’ ability to weather economic changes that seem to occur overnight.

All business owners must make it a weekly priority toward developing relationships with the right types of lending institutions. You usually want to start your application process with out-of-state, national (or international) lenders… not your local or regional banking institutions; because these larger lenders typically won’t require a personal guarantee or your social security number.

However, there are many steps you’ll need to take before you start applying for any type of business credit. Ultimately, it’s in your best interest to find a competent professional that can help you navigate through the murky underworld of building a strong corporate credit rating… giving you a head start on your competition & also letting you focus on running your business’ day-to-day activities.

An excellent business credit score can help your company’s image, overnight. You need to be able to answer some very basic questions, before you apply for any business credit.

1. Is your business strauctured as a sole proprietorship, C-corporation, S-Corporation, Limited-Liability Corporation (LLC), Partnership, or Trust?

2. How long has your business been recognized by your State & Local government?

3. Has this company ever had any derogatory information provided to the most popular business credit reporting agencies, Dun & Bradstreet or Experian?

4. Does your company have the proper permits, licenses and registrations necessary to conduct business in your jurisdiction?

5. Does your business have a physical address?

6. Does your business have a landline telephone number that’s recognized by directory assistance?

7. Are your incoming telephone calls professionally answered in your business name, or is it answered as if

Life style is now a debatable topic for everyone. When lifestyle comes to our mind we get straight. It is true that lifestyle and finance are co-related to each other. You cant maintain a good lifestyle if you have poor income resources. So it is clear that finance and lifestyle need to co-exist in some form. Lifestyle deals with buying the latest fashionable accessories and gadgets or any home appliances. So money is the key word for you so that you will deserve to such kind of lifestyle. If you don’t have enough money to maintain lifestyle, then you need not to spend the money.

The ideal lifestyle should be in form of financial stability. Make sure your financial status is good then go for maintaining lifestyle. It will be foolish to dreaming lifestyle if you have not capacity maintain it. So that it will make you bankrupt. Do not go through the artificial magazine flash, they will make debarred from your society. As there is a proverb “cut according to your cloth” is really true. Give focused to your financial strength. Make sure that which life style will suit with you then you will go for investment.

Every body wants to maintain lifestyle as they saw their neighbors lifestyle. It is the mistake that the common people think that they sufficient money. But the concept is absolutely wrong. As to show their status symbol they are spending money with out any hesitation. The Gandhian principle is actually to follow by every one. Finance is the first thing you need to consider when you go for a certain lifestyle.

Benefits Of A Finance Calculator: You will often found pundits or gurus are using a finance calculator while they determine your mortgage or home loan payments of your personal finance. Many people do not understand of finance calculator and their functions. As the software technology develops, many people are unknown to these products. But there is sufficient information on internet that you can get more details. This is not because they are too complex to understand, but because people simply do not see their relevance. Even the salesman tries to persuade about the finance calculator with all sorts of hype, still you unaware to try the demo. If it is something new and foreign, we need to treat it carefully.

A finance calculator is a small computer device that can perform variety of specific finance calculations. The main purpose of a finance calculator is that you can use it for long term calculations of your budget or your home loan or car loan or any classroom calculation. This financial calculator is designed with some finical variable to analyze the complex financial equations. It is much better than a simple calculator. You can calculate and analyze your own personal budget. Finance calculator is only for you to account your daily financial analysis.

By definition, a small cap stock is the stock of any company that has a market capitalization between $300 million and $2 billion. For the most part, these are companies the average person is not familiar with because they operate in very specialized industries. Small cap stocks are attractive investments because of their potential to grow into mid cap and large cap stocks. Small cap stocks make up about 17% of all of the stocks on the market, but the parameters change every few years. Back in the 1980’s any stock with a market cap north of $1 billion was considered a large cap stock. Nowadays, a stock needs a market cap of at least $10 billion. With that said, there were several small cap stocks that outperformed the overall market in 2008, some of which may surprise you.

Telecommunication Systems (NASDAQ: TSYS) engages in the development and application of wireless data communications technology both domestically and internationally. The company focuses on text messaging and location-based services for wireless carriers and voice over service providers. This is a very small company with a market cap of only $321 million. At the beginning of 2008, Telecommunication Systems (NASDAQ: TSYS) was trading at a mere $3.53 per share. By the end of 2008, TSYS had more than doubled its share price and was selling at $8.59 per share. That comes out to a 141% increase in 2008, compared to the S&P 500 which declined by 38.5%. Telecommunication System’s success can be attributed to their text messaging exposure which is one of the fastest growing areas in the telecommunications industry.

Next on the list of top performing small cap stocks of 2008 is Idenix Pharmaceuticals (NASDAQ: IDIX). This is a biopharmaceutical company that engages in the discovery and development of drugs for the treatment of human, viral, and other infectious diseases. Their main focus is on developing treatments for the hepatitis C virus. Like Telecommunication Systems (NASDAQ: TSYS) Idenix Pharmaceuticals (NASDAQ: IDIX) is a very small company with a market cap of $319 million. They began 2008 with a share price of only $2.69 and ended with a share price of $5.79. This amounts to a 114% gain in 2008. The outlook for this company remains good as they have several drugs in their pipeline for the treatment of both hepatitis C and HIV.

Lastly, Almost Family Inc. (NASDAQ: AFAM) was another stock that had a tremendous run in 2008. Almost Family (NASDAQ: AFAM) provides home healthcare services in the central, southern, and northeast regions of the United States. They specialize in providing visiting nurse and personal care services to patients who have trouble leaving their homes. Almost Family (NASDAQ: AFAM) began 2008 with a share price of $19.53 and ended 2008 with a share price of $44.98. This equals a 132% gain for all of 2008. Despite its share price, Almost Family has the smallest market cap out of any of the other stocks I mentioned so far, with a market cap of only $268 million. With healthcare being a major point of emphasis for the Obama administration, I expect this stock to continue its run in 2009 and beyond.

Some of the other small cap companies whose stocks performed well in 2008 include Finish Line (NASDAQ: FINL) which saw a 131% gain in 2008, and Trex Corp. (NYSE: TWP) which saw a 93% gain in 2008. These stocks were certainly among the minority in 2008 as most stocks lost between 30%-50% of their value. While small cap stocks can provide investors with above average gains, they can also be very risky and provide above average losses as well. Remember to consider the risks involved before investing in any stock.

Many business opportunities come with an associated challenge. For most entrepreneurial businesses, the greatest challenge is financing the business opportunities created by your sales efforts. What are your options if you have a sales opportunity that is clearly too large for your normal scale of operations? Will your bank provide the necessary financing? Is your business a startup, or too new to meet the bank’s requirements? Can you tap into a commercial real estate loan or a home equity loan in sufficient time to conclude the transaction? Do you decline the order? Fortunately there is an alternative way to meet this challenge: You can use Purchase Order Financing & Letter of Credit financing to deliver the product and close the sale.

What is purchase order financing?

Purchase order financing is a specialized method of providing structured working capital and loans that are secured by accounts receivables, inventory, machinery, equipment and/or real estate. This type of funding is excellent for startup companies, refinancing existing loans, financing growth, mergers and acquisitions, management buy-outs and management buy-ins.

Purchase order financing is based upon bona fide purchase orders from reputable, creditworthy companies, or government entities. Verification of the validity of the purchase orders is required. The financing is not based on your company’s financial strength. It is based on the creditworthiness of your customers, the strength of the commercial finance company funding the transaction, and in most cases a letter of credit.

What is a letter of credit?

A letter of credit is a letter from a bank guaranteeing that a buyer’s payment to a seller will be received on time and for the correct amount. If the buyer is unable to make payment for the purchase, the bank is required to cover the full amount of the purchase. In a purchase order financing transaction, the bank relies on the creditworthiness of the commercial finance company in order to issue the letter of credit. The letter of credit “backs up” the purchase order financing to the supplier, or manufacturer.

Is purchase order financing appropriate for your sales program?

The perfect paradigm is a distributor buying products from a supplier and shipping directly to the purchaser. Importers of finished goods, exporters of finished goods, out-source manufacturers, wholesalers and distributors can effectively use purchase order financing to grow their businesses.

Is purchase order financing appropriate for growing your sales orders?

Purchase order financing requires you to have management expertise- a proven track record in your particular business. You must have bona fine purchase orders from reputable firms that can be verified. And you must have a repayment plan; often this is from a commercial finance company in the form of accounts receivable or asset-based financing.

You should have a gross margin of at least 25% to benefit from purchase order financing. Sellers of services or commodities with low margins, such as lumber or grain, will not qualify.

The bottom line decision for purchase order financing:

It can take two or more years to develop a profitable business. Banks generally base their lending limits on a business’ performance for the past two or three years. Purchase order financing, combined with letters of credit and/or accounts receivable or asset-based financing can give you sufficient funds to cover your operating costs, financing costs and still realize significant profits. If you qualify for purchase order financing, you can grow your business by taking advantage of large purchase orders and eventually qualify for bank financing.

After post independence, India is riding sky high in regards to economic boom. This has resulted in the ringing of cash registers of various business India magazines. Now you can find various business magazines and selecting best business India magazine from the lot isn’t a tough deal to crack.

Recently conducted survey revealed that, last few years have seen inestimable business India magazines hitting the stores. And if we try to calculate the exact number of these magazines it is a tad difficult given the diversity of the country. There many big and established business India magazines which are occupying the shelves. Few popular ones are Business Today, Business World, Business Week, Industrial Economist, The Brand Reporter, Times Journal of Construction and Design and Business Monitor International.

Seeing the worth and importance of business India magazine, Pitch on Net decided to contribute in this league by providing best and recent news and information. And soon Pitch on Net emerged as one of the largest business publications providing a close view of the evolving market of media and communication. Pitch on Net truly banks upon commitment, analysis and reports that present latest trends. Also it takes charge of conducting industry surveys and recording lessons of failures and excellence of who’s who of the industry.

This gives you the current trend and this is the reason why Pitch on Net is the highest selling business India magazine. It also looks ahead to create a database of profiles of the honchos and rising stars of the Indian industry. This will ultimately help the reader or the one looking for best and latest business news. Within few years of its inception Pitch on Net has taken India’s business market with a stride and to raise the standard of magazine it has partnered leading research agencies in the country. This brings a comprehensive industry survey to the doorsteps of its readers.

Majority business India magazines have now adopted innovative ideas to bring cutting edge information in a never before way. And to make it more authentic and popular, business India magazine Pitch on Net, has roped in some of the finest columns by the best marketing and advertising brains in India and abroad. In other words we can say that this business India magazine also endeavors to provide in-depth features on industry developments.

Thus, if you want to know India’s real business market and also looking for more information on business India magazine and media relations public relations please visit www.pitchonnet.com

Despite the fact that about 10 of Nigerian banks were listed among the biggest 1,000 in the world and with a population of 150 million people{most populated in Africa},a report that only about 15 percent of Nigerians operate a saving or current account has been a challenge to commercial banks and monetary policy formulators.

The world bank’s global report on doing business in 2006 shows that Nigeria’s 15 percent rate of savings trailed behind the 57 percent savings in South Africa and 27 percent in Senegal.The report attributed the untamed poverty situation in the country to the poor banking consciousness in Nigerians.Also blamed for this is the over reliance of commercial banks on public sector funds,the withdrawal of which triggered severe liquidity problems.

In an earlier report in 2003,the World bank had cited poor savings culture as the main reason why Nigeria was ranked among the poorest country in the world,it was ranked next to the the war-ravaged Ethiopia as the 10th poorest country in the world.Even Madagascar,Chad,Mozambique,Gui nea Bissau,Nepal,Niger,Congo republic, and Burundi were ranked ahead of oil rich country perhaps the 6th biggest oil producing country in the world.All these countries have wealth per capital of between $5,020 and $2,859,compared to Nigeria’s $2,748.The global financial institution had remarked that moderate effort to save could have produced five times the needed capital.

Indeed,the inappropriate policy of keeping huge public sector funds in commercial banks has promoted an arm chair’ and unethical banking.The policy of sidelining the Nigerian central bank,by keeping statutory allocations and funds of agencies,ministries and parastatals with commercial banks,has only helped the officials who make fortunes from interests payments.The banks in turn, lend out the short-term funds at prohibitive interest rates to traders.The real sector of the economy is thus denied loans at affordable interest rates.

That is why a stunted real sector is existing side by side with a booming banking sector.Starved of credit and other enabling ingredients,the crippled manufacturing sector has virtually shut down production,throwing more and more employees into the labour market.Is it not obvious that the unemployed cannot save?

Traders have taken advantage of the unfortunate credit mismatch in the economy to flood the country with all manners of substandard imported products ,unwittingly creating job opportunites abroad.Satisfied with huge profits from short-term public sector funds,commercial banks have neglected their paramount role of mobilizing household savings.

But what has also crippled the ability to save is the frequent jerking up of fuel prices,which has produced devastating inflation spiral.In the absence of functional public facilities,the average person has to contend with high medical bills,children school fees,providing an alternative power and water supplies,personal security and the like,so much so that too little is left for savings.

The most recent banking consolidation exercise is ,however beginning to yield some salutary impacts.The substantial withdrawal of public sector funds from commercial banks has pushed them to seek funds from the capital market to open more branches in order to mobilize domestic savings.With the consolidation of banks,they now offer many juicy’ packages to woo small saversincluding zero naira account openings’,offering free passport photographs, and reducing arbitrary charges that discourage small savers.