Posts Tagged ‘President Obama’

Is the Small Business Bill Enough?

September 2nd, 2010 by stevezog
Will the small business bill be enough for small businesses?

Will the small business bill be enough for small businesses?

As the weather turns cool and America faces a mid-tern election cycle in November, the question remains, which party is better for the economy? There is little doubt that the biggest topic in this year’s election is the economy.

So, is the Republican Party correct when it says President Obama’s policies are the reasons we are stuck in this recession? Or is it the Democrats who have the plan to get America moving in the right direction, if partisan politics didn’t stand in the way? To many moderates, both parties seem more concerned with winning elections rather than improving the situation Americans find themselves in.

We find another case study in the two-party system and its effects on the economy when we look at the current small business bill put forward by President Obama and waiting for Senate approval.

The bill currently stuck in the Senate authorizes the creation of a $30 billion lending fund. The Treasury Department would run the program, which would deliver cheap capital to community banks.

The idea is to stimulate community banks based on the theory that they do the bulk of lending to small businesses in their localities.

Other important areas of the bill would provide $12 billion of tax relief for small businesses between 2010 and 2020, based on an estimate from the Joint Committee on Taxation.

The bill also increases Small Business Administration loan limits and extends loan sweeteners through the end of 2010. It offers several tax cuts for small businesses, to both encourage investment and entrepreneurship.

The legislation also provides $1.5 billion in grants to state lending programs that can’t rely on depleted states for more cash. Critics of the bill say it doesn’t go far enough and won’t have a big enough affect on the economy to create jobs.

What do you think of the administration’s attempt to stimulate the economy? Is it too much or too little? What do you think are the underlying reasons for the stagnant economy?

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GM CEO Leaves the Company After Raising Profits

August 13th, 2010 by stevezog

Ed Whitacre is retiring from his recent position of CEO of GM.

Some people are confused by CEOs who build up a company just to leave it. But the CEO of General Motors, Edward E. Whitacre Jr., who took over in December, doesn’t think it requires much explanation.

“It was my plan all along, and the board was aware that it was my public duty to restore this company to greatness and I didn’t want to stay a day beyond that,” he told the LA Times.

Whitacre, 68, became temporary CEO in December after the board pushed out longtime insider Fritz Henderson, who himself had been on the job for only eight months. Henderson had been named to GM’s top job in March after his predecessor, Rick Wagoner, was ousted by President Obama’s auto task force.

Whitacre took the job and admitted that he knew almost nothing about cars, but the former telecomunications executive managed to successfully restructure the business, changing much of the top management. In addition, sales rose to $33.1 billion, from $23 billion a year ago.

People are shocked that Whitacre is leaving, but he did what he stepped in to do.

How many other people can get the job done swiftly and efficiently, and then walk away proudly? Not many…

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Will Financial Reforms Help or Hurt Small Businesses?

July 22nd, 2010 by stevezog
Think financial reform will help or hurt businesses, especially small ones?

Think financial reform will help or hurt businesses, especially small ones?

On July 21st, President Obama signed the Dodd-Frank Financial Regulatory Reform Bill into law. The Dodd-Frank bill will make some of the most sweeping changes to the US financial system since New Deal reforms in response to the Great Depression.

So will the new laws stimulate the economy or hamper growth? More importantly, how will it affect your small business?

For many entrepreneurs and small business owners, the most important aspects of the new law are how it relates to banking and credit cards.

Banking on the small business level shouldn’t change too much in the near future. The new law allows banks to delay the full impact of the law, in some cases for as much as a dozen years, for good reason.

The delay in getting to the banking standards was necessary because new rules dictating how much cash banks should have on hand could have made it more difficult for businesses to get loans.

Changes to credit card rules will probably have more impact on small businesses immediately.
Thanks to the new law, credit card companies will no longer be able to collect outrageous “swipe fees” every time a customer used a debit card.

For many small businesses, “swipe fees” are their second largest expense item, behind only labor costs, so for these businesses, the reform should help them save a lot of money.

It is important to remember the reforms in the new law are supposed to protect the United States’ economy from the mismanagement and corruption that made the 2008 meltdown so alarming. No longer will financial institutions be “too big to fail” and subject to bailouts from the American taxpayers.

Instead, regulatory commissions will monitor these massive institutions to ensure that they are working responsibly.

Since he took office, President Obama’s opponents have been claiming that his agenda is “anti-business”. What do you think of the new reform law? Is it good or bad for business?

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Microloans Pay Big Dividends

July 13th, 2010 by stevezog

In today’s economic climate, finding money for small business startup or expansion can be very difficult. Traditional loans may be hard to come by, but there are still ways to gain capital for small businesses.

One way for small businesses is by opening an Individual Development Account. IDA’s are a great way for small businesses to generate funds while learning about business.

Generally, an IDA is a relatively small account in which your savings is matched or exceeded through government funds. Typically, for every dollar you save in your IDA, it is matched by $2 from the government. These accounts stay generally limited to a few thousand dollars but that could be just enough to expand your small business or just get it off the ground.

One of the great benefits of using an IDA is that you must complete financial literacy and business coaching courses to receive the money. This ensures that no IDA business is just throwing money away.

The importance and benefits of IDAs has become crystal clear over the last few years. In 2003, there were just 12,000 IDAs in the United States. By the end of 2008, that number had grown to 45,000 and it is expected to continue to increase as President Obama’s economic strategies take hold.

The most important aspect of IDAs is the coaching strategies.

Even the government understands that owning a business is not just about your product. Funding your company without the basis of a strong business education is not feasible and leads to failure.

Small businesses more than any need to know how to create profit and the government is taking steps to provide that information to those that need them most, small business owners.

As you can see, using Individual Development Accounts are a growing trend throughout the United States. If you’re looking to fund your small business, IDAs could be an option.

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Health Care Debates Might Benefit from Be-Do-Have

August 27th, 2009 by stevezog
President Obama talks about his proposed health insurance plans.

President Obama talks about his proposed health insurance plans.

President Obama’s proposed health plans are being met with scrutiny from the Republicans and some of the American public.

Obama is proposing a public health care option, where a government-run health care insurance provider would compete with private health care insurance providers at a more affordable price. In case that doesn’t pass, he is also proposing a private non-profit co-op option.

This would be the same as the public option essentially, except it would be run by a private entity, not the government.

So why is Obama having trouble getting his vision across to the country?

It may come down to the pitching process. Obama isn’t pitching his plans well enough. The Republicans are pitching their opposition well, and it’s benefiting their stance.

The use of language in sound bite form – such as the use of the term “death panel” – has proven to be effective.

This is in contrast to the minutes-long speeches Obama has given on the subject.

To fix this, Obama should take a cue from ActionCOACH founder and CEO Brad Sugars and Be-Do-Have.

In order to have great results, you must be what you need to be to get results, then do the work to get there.

If Obama showed more passion and helped make the complex simple, he might have more success in getting his plan passed.

As Brad Sugars often explains, business begins with your customers first and what they want or the problems they are having.

Then, you deliver what they want or solve their problem.

It seems that Obama is trying to make his customers like his product rather than offer a product that his customers really like.

If he were to do that, his explanations may get more clear, and his true passion for his “product” would shine through.

His customers would also see more clearly “what’s in it for them,” making his “sale” even easier.

Is your business in good health? Take our Business Health Check and find out.

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Cooperation is Key

July 29th, 2009 by admin

President Obama recently ended two days of talks with China urging China and the U.S. to work closely together to address energy, nuclear proliferation, and the global economy.

The point he seemed to stress at the press conference was that working together is better than going it alone, especially when it comes to global problems; the economy and nuclear proliferation are two problems of many that can’t just be solved by one country.

If countries who are struggling with these problems, like the U.S. and China, work together, these challenges don’t seem as insurmountable.

In addition, the relationship between U.S. and China is especially important when it comes to solving certain problems. On Monday, Obama stressed he doesn’t view China as a threat but, instead, as a partner.

“Some in China think that America will try to contain China’s ambitions; some in America think that there is something to fear in a rising China. I take a different view,” Obama said. “I believe in a future where China is a strong, prosperous and successful member of the community of nations, a future when our nations are partners out of necessity, but also out of opportunity.”

Strategic alliance is something Brad Sugars knows a lot about – he wrote a book on it – and, as he would say, “Together Everyone Achieves More!”

By combining forces, the U.S. and China can collaborate in an effort to defeat global political and economic problems.

By combining forces in business, Business Coaches and small businesses can collaborate in an effort to enhance the company’s bottom line.

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A lesson from Obama …

July 23rd, 2009 by admin

U.S. President Barack Obama announced today that health insurance reform is at the top of his agenda. He believes healthcare is central to rebuilding the American economy. Currently there are about 47 million Americans without health insurance and about 14,000 Americans lose their health coverage every day.

President Obama says changing the American healthcare system has far reaching affects – much more than the 15% of the nation’s population currently without health insurance.

U.S. President Barack Obama

U.S. President Barack Obama

Without healthcare reform, the American economy is unlikely to get back on its feet.

“Reform is about every American who has ever feared that they may lose their coverage if they become too sick, or lose their job, or change their job,” President Obama said.

“It’s about every small business that has been forced to lay off employees or cut back on their coverage because it became too expensive. And it’s about the fact that the biggest driving force behind our federal deficit is the skyrocketing cost of Medicare and Medicaid.”

The President pointed out that without controlling the rising cost of Medicare and Medicaid – the economy will not be able to reduce its budget deficit.

The reform that President is proposing will provide those already with health insurance more security and stability. It will remove government involvement in healthcare decision making, giving Americans the option to keep their insurance. More importantly, it will prevent insurance companies from dropping your coverage if you get too sick. It will give the American people the security of knowing if they lose their job, change jobs, they will still be able to have coverage. It will limit the amount insurance companies can force you to pay for your medical costs out of your own pocket.

For those without current health insurance, or small business looking to cover employees, you’ll be able to choose a quality, affordable health plan through a health insurance exchange – a marketplace that promotes choice and competition

Best of all, no insurance company will be allowed to deny coverage because of a pre-existing medical condition.

I applaud President Obama for having the fortitude to make the American healthcare system top of his political agenda. It is complete mess, too often ignored by Congress.

However the most interesting part of President Obama speech for me was when he said (and I quote):

“I understand how easy it is for this town to become consumed in the game of politics – to turn every issue into running tally of who’s up and who’s down. I’ve heard that one Republican strategist told his party that even though they may want to compromise, it’s better politics to “go for the kill.” Another Republican Senator said that defeating health reform is about “breaking” me. So let me be clear:  This isn’t about me. I have great health insurance, and so does every Member of Congress. This debate is about the letters I read when I sit in the Oval Office every day, and the stories I hear at town hall meetings … This debate is not a game for these Americans, and they cannot afford to wait for reform any longer. They are counting on us to get this done. They are looking to us for leadership. And we must not let them down. We will pass reform that lowers cost, promotes choice, and provides coverage that every American can count on. And we will do it this year.”

It is little wonder all communities, from the schoolyards to the corporate playground, are rife with gossip mongering and power plays. Take a look at any blogs out there – and you will often find that the ugliest side of the human character. Obama’s strategy when faced with childish adversities? Rise above the negative, speak the truth, keep his eyes on the prize and knuckle down and get the job done. I think this is a lesson everyone can learn from, Obama supporter or not and one that Brad Sugars also recently faced.

Childish antics have no place in politics or the business world and ultimately true leadership is about standing tall against those that want to see you fail.

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