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Category Archives: Financial

Aspiring Entrepreneurs Must Expect Challenges and Learn How to Manage Them

Aspiring entrepreneurs will face many challenges as they start and maintain a small business. They can learn a great deal from established entrepreneurs by reading and listening to interviews, and reading their posts on blogs and social media. By considering what a business leader like Kirk Chewning of Cane Bay Partners has to say, for example, they will learn more about what to expect and how to deal with various challenging situations.

Solo and Partnered Businesses

Sometimes one person starts a solo business and may need to hire at least one or two employees right away. That’s the case with a dentist and a veterinarian, for example. Others might run the business solo for several years before it expands so much that hiring workers becomes necessary. In the case of Cane Bay Partners, Mr. Chewning and David Johnson co-founded this particular company. Having a partner can provide significant advantages.

Effective Time Management

Effective time management is crucial. Most small business owners work more than 40 hours per week, and many put in 60 or more. The person must be focused and dedicated to the goals, or distractions can undermine efforts for success. Men and women are likely to struggle to balance work life with family life, exercise and sleep.

Maintaining a Business After Startup

According to a 2019 article in Forbes, composed by a successful serial entrepreneur, a large number of small business owners give up too soon. Some do have to close up shop because their business has lost too much money, but others shut the company down because of fear or inability to manage problems that arise.

Starting a new business may seem daunting while maintaining one may appear to be easier. That’s a misconception, however. Entrepreneurs must keep this in mind and be ready to face difficulties that are bound to crop up as they move forward and the company grows. Only about half of small companies are still in business after five years. The successful ones not only have developed a product or service that is in demand, but they also have successfully managed financial, managerial and personal challenges.

How Locals Helped St. Croix Recover From the Devastation Left by Hurricane Maria

When Hurricanes Irma and Maria struck the U.S. Virgin Islands in 2017, observers knew that the recovery would be difficult. Never before had two such powerful storms come through the territory in close succession, even if they took slightly different paths, in the end.

While none of the islands was forced to bear direct hits from both hurricanes, the two combined to do a huge amount of damage over a wide area. Residents of the U.S. Virgin Islands made an enormous difference by organizing recovery efforts that focused on places where particularly intense need was evident.

Partners in a local consulting firm like Kirk Chewning, for instance, started up a nonprofit called “Cane Bay Cares” that provided a great deal of much-needed aid and support. Efforts like that helped make the aftermath of a twofold natural disaster less perilous to residents.

Cane Bay Cares Steps Up to Help St. Croix

In addition to being one of the most populous islands in the territory, St. Croix is also home to many of the U.S. Virgin Islands’ most economically vulnerable residents. Although some parts of the island feature resilient infrastructure, others are simply not equipped with systems designed to withstand intense tropical storms.

When Hurricane Maria passed directly over St. Croix, the damage was every bit as profound as expected. That left many wondering whether a successful recovery effort could even be mounted, particularly given the struggles of islands like St. John elsewhere in the territory.

Fortunately, groups like Cane Bay Cares were successful at averting what could otherwise have been a true humanitarian disaster. Gathering up many tons of supplies paid for with generous donations, they were able to distribute water, food, medicine, and other essentials to needy people all over St. Croix.

Important Work That Made a Difference

Although there were still plenty of challenges to be overcome along the way, this show of support proved to be critical to getting the island and its residents back on track. Many had expected the toll from Hurricane Maria to rise a lot higher when the final reckoning was made, so seeing residents and others make such a difference was especially satisfying and welcome.

Licensed Insolvency Trustees Help Many Canadians Overcome Serious Financial Problems

Financial insolvency can be challenging to work through, but there are almost always options worth pursuing. There are a number of types of relief that are available to individuals who meet the standards set in the relevant Canadian laws.

In many cases, it will be necessary for a trustee to be appointed to oversee a debtor’s progress through bankruptcy or a legally binding consumer’s proposal. Hiring a Licensed Insolvency Trustee in Calgary even before such a point is reached can be helpful and wise.

Professionals Dedicated to Helping Consumers Deal With Insolvency

Consumer debt levels in Canada have been rising steadily for many years, and not always with positive, desirable results. More and more frequently, generally responsible Canadians find themselves facing debts they can no longer realistically service.

When that happens, it will almost always be wise to consult with someone who is familiar with all the available options. When debtors in Canada successfully file for bankruptcy or submit acceptable debt repayment proposals, a trustee will normally be appointed.

The Canadian government imposes strict requirements on those who would take on such responsibilities. Obtaining a license to serve as an insolvency trustee requires a significant amount of training, demonstrated knowledge, and experience.

As such, licensed insolvency trustees are typically well positioned to advise people who have not yet taken concrete steps toward resolving their debt-related problems. Because they are required to understand the ins and outs of the Canadian bankruptcy and consumer proposal systems, licensed trustees often have a lot to offer to debtors who need help.

The First Step Toward a Life Free of Debt and Related Pressure

Making an appointment with a licensed insolvency trustee, in fact, often proves to be the most important step a debtor could have taken. Many debtors wait too long to seek support and advice, and that can easily prove costly in the end.

The earlier an insolvency trustee is brought in to provide counsel, the more options will typically be available. A debtor who consults with a licensed trustee early on will also typically have more leverage when negotiating with creditors. Given these facts, it will always be better to arrange for help sooner rather than later.

A Brief Look at How Secondary Lenders like Consumer Portfolio Services Operate

The world of automotive finance is more complex and dynamic than many people realize. While traditional means of financing vehicle purchases are still common, there are newer and more specialized alternatives that benefit many buyers greatly.

Indirect lenders like Consumer Portfolio Services, for example, function according to a distinctive business model that has proved highly viable and profitable. A quick look at how such secondary lenders operate will reveal that all the important details have been accounted for.

A More Modern Approach to Automotive Lending

Most new car purchases today are financed using the sorts of conventional loans whose particulars have not evolved much, if at all, for decades. Many would-be buyers, however, do not have the credentials needed to qualify for such financing and have to look elsewhere for help.

More and more often, that means opting for arrangements that include an indirect lender behind the scenes. This increasingly common type of lending involves a number of distinct activities, including:

  • Contracting. Dealers who see that their customers could benefit from more access to financing will often approach indirect lenders to set up contractual relationships. That will entitle a qualified dealer to approve loan applications on the spot for customers who meet the specified requirements.
  • Purchasing Soon after a qualifying loan has been issued by a partner, an indirect lender will buy it, typically along with a number of others. This frees dealers from needing to keep such liabilities on their books for long at all.
  • Securitizing. Indirect lenders themselves do not normally hold on to the loans they purchased for extended periods of time. Instead, they package them up into securities which are sold on to investors, freeing up more capital to be lent out to car buyers.
  • Servicing. Even after having sold off a loan, a secondary lender will often keep servicing it. Continuity of service makes problems like defaults less likely, in many cases.

An Approach That Has Enabled Millions of Car Purchases

This relatively novel style of automotive financing has allowed many vehicle purchases in recent years. Although there are alternatives, loans that rely on the contributions of indirect lenders have benefitted many car buyers and will do so for many more.

A Peek Into the Life of a Succeessful Businessman

Kirk Chewning is a very successful businessman in the field of finance. Currently, he is part owner and CEO of Crane Bay Partners located on the island of St. Croix on the U.S. Virgin Islands. Below is a closer look at Kirk, his education, and past experiences.

An Expert in Finances

Mr. Chewning is one of the top experts in the fin-tech services area with a lot of expertise in consumer and commercial lending, data analytics, technology architecture and development, financial modeling, metric development, and management consulting. Since 2009, Kirk has been a co-owner and co-CEO at Cane Bay Partners, along with his business partner, David Johnson. Not only does he lead the company there, but he also assists in portfolio risk management cases for their many clients. Academically speaking, Kirk has a bachlor’s degree in finance from Michigan State University.

Past Experiences

Before starting Can Bay Partners, Kirk held numerous prestigious positions. These positions include: running a commercial loan portfolio as VP for a well known international bank, founded and sat as VP of business development for a web application development company, senior consultant for a top ranked marketing company, and traveling the world to speak at strategic engagements for fortune 250 companies. Over his 25 years in business, Kirk has ran many successful companies and founded several technology firms worldwide.

His Current Life

Aside from his professional resume, Mr. Chewning is very active in volunteering and giving back to his community on the island of St. Croix and beyond. For instance, he believes so much in education that he volunteers his time teaching students of all ages important skills and concepts used in the corporate world. With his business partner, Mr. Chewning created Can Bay Cares, a charity that partners up with non-for-profit organizations to provide short-term or long-term assistance for those living on the islands.

Mr. Chewning is a very successful in the the business realm, but he is also very charitable and cares about the community and its youth. He spends much of his time helping others and providing free education to anyone that is interested in learning. In his spare time, you can find him bowling in one of the leagues on the island of St. Croix.

Good Reasons for Small Car Dealers to Consider Working With Lenders Like Consumer Portfolio Services

Selling used cars and trucks is difficult business, even if plenty of rewards await those who prevail over the competition. Many small, independent dealers today are struggling, particularly when larger dealerships with more resources take aim at the same potential customers.

Small automotive dealers need to use every means at their disposal to compete and stand out above others in their market. Forming a partnership with a lender like Consumer Portfolio Services can turn out to be one of the best ways to ensure the success of a small dealership.

A Partner Invested in Each Dealer’s Success

Specialty indirect lenders now enable a significant portion of the financing that borrowers use to purchase used cars and trucks. In most cases, such lenders reach agreements with individual dealers whereby qualifying loans get purchased soon after each transaction is finalized.

Lenders that focus on this style of financing tend to be less demanding than traditional banks and the like. This means that dealers who work with them will often be able to conclude transactions that would not be feasible if other types of financing had to be used.

That alone can allow a small dealer to start selling more vehicles to a wider variety of customers. Since indirect lenders fare best when their partners are succeeding, though, they tend to offer even more support. Some of the types of services and extras that a lender might provide to a dealer include:

  • Lead lists. Some of the most successful indirect lenders put a lot of effort into developing carefully curated lists of consumers who are ready to buy cars or trucks. Offering these to their partners, they make it possible to carry out targeted marketing with high, rewarding success rates.
  • Direct mail marketing. Many small dealers feel that their lack of scale puts them at a disadvantage vis-à-vis the competition when it comes to marketing. A lender with a nationwide presence will be able to even out the odds when it comes to tactics like direct mail.

Helping a Small Dealership Grow

Choosing to become one of an indirect lender’s partners can provide benefits like these and others to a small car dealer. In many cases, that will make more of a difference than just about any other decision possibly could.

Companies That Make Effective Use of Consultants Tend to Outperform the Competition

Businesses that try to do too much frequently end up failing to excel at the activities most central to their missions. That generally proves costly, as it will give competitors an edge for which no clear sort of compensation can typically be provided.

Companies that don’t spread themselves too thin always have ways of supplementing their own capabilities and resources when needed. Relying on consulting firms like Cane Bay Partners, for instance, is a proven way to stay productively focused while still being able to respond to the market and competitors as might be required.

A Better Way to Run a Business

While there are still a fair number of sprawling, wide-ranging businesses in existence, that model has come to seem somewhat antiquated to many. Businesses that stick to the more modern approach tend to value specialization and adhering to core competencies over internal diversification.

Once a certain level of specialization has become habitual and encouraged, a company will always need to develop ways to make up for the gaps that result. Fortunately, simply relying on the right consulting firms has proved to be a highly effective means of remaining however flexible and responsive a business might need to be.

In fact, businesses that make regular use of consultants tend to excel in a variety of ways that their competitors do not. Some of the benefits that can come from carefully considered, strategic use of consulting services relate to important issues like:

  • Depth of expertise. Even companies that take a very broad view of their own missions inevitably lack certain crucially important types of depth. A consultant who focuses specifically and consistently on a given area will always bring a deeper knowledge of the field to bear on a business’s challenges.
  • Allocation of resources. Businesses that try to handle too much internally inevitably end up wasting resources on expensive workers whose skills are not always needed. Bringing in consultants when and as required will improve resource allocation efficiency.

A Highly Accessible, Worthwhile Option

For reasons like these and others, many of today’s most successful companies prefer to focus as intently as possible on core activities and have consultants pitch in as needed. That often proves to be the best way to become and remain as competitive as possible.

Many Benefit From the Lending Activities of Companies Like Consumer Portfolio Services

Specialty lenders like Consumer Portfolio Services have been changing the automotive finance industry for the better for quite a few years. Once confined to fairly minor roles, indirect lenders have become the go-to sources of financing for many of today’s car buyers.

In fact, secondary lenders who purchase loans approved by dealers end up helping several parties in the process. A quick look at how this proven business model works and who enjoys the benefits will clarify why it has become so common and successful.

An Approach to Automotive Lending That Makes Sense for Many

Most car loans used to be issued either by traditional banks or specialized lenders set up by manufacturers. Financing of these forms is still important, but there are also plenty of alternatives.

Lenders who form partnerships with individual dealers and then buy loan contracts that their allies issue, for instance, have become increasingly important to the industry. Companies that enable this style of financing thereby produce benefits for involved parties like:

  • Car buyers. Many people who need to purchase cars today find themselves lacking access to traditional forms of credit. Specialty lenders can afford to be more accommodating and flexible than banks which have to report to stockholders and regulators. As a result, indirect lenders open up borrowing opportunities that many would-be car buyers would otherwise not have before them.
  • Car dealers. Many automobile dealers lack the resource to become authorized representatives of the major manufacturers. Even a dealer who strives to sell only top-quality vehicles will often find it difficult to earn the approval of conventional lenders. Indirect lenders who welcome such dealers into their networks enable new ways of financing car purchases. That can allow a dealer to successfully conclude deals with far more of the shoppers who walk onto its lot.
  • Investors. Most indirect lenders package up the loans they buy into securities that they then sell to investors. This allows for a targeted, frequently lucrative way for informed investors to stake out new positions in their portfolios.

Leading Indirect Lenders are Setting New Records Every Quarter

Certain lenders that focus on this type of activity have been setting higher bars with their financial results for many years running. For these reasons and others, most experts feel that indirect automotive financing will be around for a long time to come.