Finance Credit Loan

After thirty years in credit and collection, I retired late last year and now I have the opportunity to say to other credit professionals the things that I could not say before. For example, I believe that the key to success is surrounding yourself with the best people you can find. You might be saying to yourself: That is hardly a revelation. You would be right, but the corollaries to this piece of advice include:

• Terminate anyone who is not a team player, who is not enthusiastic, who is not doing the job or who will not do the job the way you want it done.
• If keeping your best employee means promoting them over someone else with more time on the job, then do it. There will be consequences – but this the price you are going to have to pay if you are going to be a leader instead of a manager.
• Never lower your standards simply to fill a position. Keep the job open until the right candidate presents himself or herself and ignore pressure from your employer to settle for someone that does not meet your minimum qualifications.

Another tip is to make sure there are individual goals as well as department-wide targets. In my experience, most employers are big on individual goals, but tend to assign the departmental goals only to the credit manager. You can be more successful by establishing both individual and team goals. These team goals should mirror the goals assigned to you. Expect resistance to the idea of team goals. It is likely that one or more of your subordinates is going to tell you they cannot control what happens in the department and that it is unfair for them to be evaluated based on how other employees perform. I suggest you tell them that this process is just as fair or unfair to them as it is to you, and that the only way that you can guarantee teamwork is to establish team goals.

If you want something done right, delegate it to the person with the right attitude – and not necessarily to the employee with the best credentials. Assign work to individuals interested in making a positive impression on you and on senior management. It might sound manipulative, but it is not. The person given the assignment has the opportunity to receive the recognition they want. An additional benefit involves the fact that you will be delegating the task to someone who is enthusiastic rather than someone who is resentful.

Stay positive, even if it requires that you avoid a co-worker who is not. Everywhere I have worked, there was always at least one person who did not want to be there. These people always seem to have something negative to say about the company and its plans – or about a coworker or management. These people seem to energy from the people around them, and the only way to avoid the energy drain is to avoid these people. You also risk being labeled a malcontent if you hang around with a malcontent.

In hindsight, I realize I made a number of mistakes along the way that hindered my advancement. For example, I did understand that there is no such thing as an optional company holiday party, picnic or similar event. Not only should credit professionals plan to attend; they should not leave early because their absence being noticed and noted by subordinates and superiors.

Haven’t we all felt this way at one time or another? You hear about or see a product that someone else has already developed that’s so terrific that you get that slap-your-head “why didn’t I think of that?” feeling! So when the idea for a handbag with interchangeable outer covers was presented to me, I knew it was a concept that could potentially revolutionize the women’s accessories market—and as an entrepreneur I wasn’t going to let it get away

In 2007—after a few starts and stops—my business partner Chris Seegmiller and I officially launched Miche Bag (pronounced Mee-Chee), a company named for the original inventor’s nickname.

There was a lot of trial and error during that first year, but eventually we found a formula that not only works, but works extremely well both from a Sales Representative’s as well as a customer’s perspective.

In just three years, Miche has grown at an astounding rate—going from a company selling $21,000 in product per month to one selling well over $55 million a year nationwide and internationally. As an entrepreneur who started his first business at age 13, I’ve learned through experience that there are five tips for success necessary to lay a strong foundation and then bring a vision to life.

See a Need and Fill It

This concept is Business 101, but with Miche “see a need and fill it” seems to have hit the nail on the head. Just about every woman who sees a Miche Bag automatically sees the beauty in the idea and it hits them in an unusually visceral way—women really do hate moving all the contents from one purse to another every time they change their outfit. Buying just one “Base Bag” then collecting various colors and designs of covers (which we call “Shells”) to match their wardrobe or mood makes sense on many different basic levels: this product is economical, it’s convenient and it’s fashionable. It’s a no-brainer because it’s inherently marketable as a “must-have” product. And—conveniently for us—it appeals to consumers in the highest-spending demographic: women 18-55 years old.

Be Flexible During the Development Phase

The idea was terrific, but the product itself needed to be fine-tuned and made practical for mass-production. The main selling point of a Miche Bag is that the Base Bag remains the same so that a woman never has to remove the purse’s contents when she wants a different look—she only needs to switch the outer Shell. We developed seamless, hidden magnetic attachment mechanisms that make changing Shells easy. Others have tried to do what we do, but with little success because our Shells can be changed in 3 seconds or less and they stay secure. Bottom line: without a structurally-sound, easy-to-use product, nothing else really matters; so spend plenty of time experimenting with and perfecting your marquee product or service. Don’t get so caught up in “one way” (i.e., your way) of doing things that you automatically cut off more viable options.

Flexibility and experimentation in the earliest stages are absolutely essential.

Essential in Any Economy: Affordability and Effective Distribution Channels

In addition to being practical, the bags have to be affordable to appeal to our key demographic. We chose to have our design team make Shells using faux leather and other synthetic materials. Not only could women get fashion-forward looks, but they can get them for less—a plus in any economy, but especially so when times are tight. Know who your demographic is, and give them what they want.

We needed to find the best way to sell the Miche Bag. Retail was our first choice, but because the Miche concept is best sold through demonstration rather than display, this venue did not work as well as we’d hoped. We made the jump to the Home Party route and never looked back. This model is flourishing for us.

Get Your Own Hands Dirty, Then Delegate

At one point or another, everyone on our executive team has been involved in every aspect of our business—from design to production to warehousing to marketing to sales. We worked endless, hard hours laying the strong foundation for a successful company. We knew we had this amazing idea and we were very hands-on—especially in the beginning—to make sure we got it right.

Now we’re to the point where we’re releasing a lot of that tight personal control and delegating the day-to-day activities to a growing team of seasoned professionals at our Home Office. We love and value our Miche staff, trust their judgment and their skills, and have created a fun “family” type of environment where we work together to grow our company yet still recognize and respect the contributions of the individual. My office door is always open and the hugs are always free and plentiful. It works for us!

Listen, Listen, Then Listen Some More

We understand that the Distributors and Representatives who market our products and the customers they serve are the lifeblood of our business. It’s essential to listen to what they have to say, take their concerns seriously, and then address them immediately when appropriate. Whenever possible, get out of your office and go to where the rubber hits the road—in our case it’s out in the sales field all across the country and around the world. Our executive team is made up of kind, compassionate, enthusiastic and caring people who spend a considerable amount of time with our independent sales force, getting to know them as individuals, conducting training, and—most importantly—listening. That kind of personal attention not only fosters that “family feeling” among thousands of people who make Miche their living, but it also helps us to create better products and provide better service.

When you have a great idea, work hard, tie up any loose ends, and then surround yourself with amazing people who are as passionate about a product or service as you are, magic is bound to happen. Everyone involved with Miche loves the concept and believes in it passionately—and that kind of enthusiasm at every level is absolutely contagious.

For many people, the chances of getting a foot on the property ladder any time soon appear to be slim to none. However, there is a glimmer of hope for first time buyers, as ‘Rent to Buy’ schemes emerge. One building society in particular that has launched just such a scheme is the Saffron Building Society, which operates in the South of the country.

This particular scheme allows people to borrow if they can show that they have a record of paying rent, on time, for as little as 12 months. For Saffron Building Society, this would, in many cases, be proof enough that the borrower ids capable of making monthly mortgage repayments. In addition, the borrower would have to be able to place just a 5% deposit on the mortgage. The arrangement would mean that someone who paid rent of £1,000 per month and was able to put down the 5% deposit would be able to buy property worth up to £155,000.

Many would-be first time buyers are unable to proceed with the purchase of property due to poor credit history. Although the borrower will still be subjected to credit checks, this scheme adopts a much more manual approach rather than the usual, automated system where you’ll be declined if there are any blemishes on your credit history.

Broker, John Charcol, has been quoted as saying:

“The common sense way affordability is calculated for this mortgage will be a breath of fresh air to any first-time buyer who has suffered from the ‘computer says no’ approach adopted by too many of the major lenders.” Many households are paying rents equal to or more than they would pay on monthly mortgage repayments. Credit history and large deposits are the main factors keeping many people from making their way on to the property ladder. Schemes such as this make the property market far more accessible to first time buyers and will be welcomed with open arms by many people looking for alternatives to paying ‘dead rent’.