Successful Blog

Fitch Ratings: Corporate Bankruptcies to Double in 2012

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Given that 2011 was a difficult year for many in the business community, a recent report from Fitch Ratings will not exactly bestow confidence on many corporate heads.

Fitch recently reported that it expects the volume and size of corporate bankruptcies will double this year.

According to one bankruptcy attorney, “2011 wasn’t a huge restructuring year. A lot of companies found short-term fixes, but when things don’t get better you need a restructuring to find a long-term fix.”

The recent Fitch prediction notes that while restructuring is not a given to lead to bankruptcy, defaults among all corporate bonds will increase to approximately 3 percent over the next 12 months, an uptick from 1.4 percent last year and 1.3 percent in 2010.

Among the better-known companies to file for bankruptcy in 2011 were:

  • American Airlines – At the time of the filing, AA reported it was some $29.6 billion in debt and had $24.7 in assets;
  • Borders Group – At onetime the nation’s second-largest book retailer, the company filed for bankruptcy back in February, with Barnes & Noble reaping some of the benefits from its rival’s actions;
  • Integra Bank – The Indiana-based banker had operations in three states and reported assets of $2.42 billion;
  • PMI Group – The California-based private mortgage insurer was the nation’s third largest;
  • MF Global – This was the most notable Wall Street firm to go down since Lehman Brothers three years earlier.

Fitch believes going forward that businesses carrying a large amount of high-yield and low-grade CCC bonds will be at the greatest risk.

According to the ratings agency, middle market companies (anywhere from $200 million to $1 billion) are most apt to be candidates for bankruptcy given the fact that it is more difficult for them to track down ways of refinancing.

Lastly, Fitch expects the restaurant, retail and consumer products firms to have the worst showing over the next 12 months.

For those businesses, small or large that are looking to avoid a bankruptcy filing in 2012, keep a few factors in mind:

  • Have an ironclad investor strategy – While the first round of funding may be relatively easy to come by, where will the second, third and so on come from? Be sure you have a Plan B, Plan C etc. so that you are not left with gaping holes in your revenue stream;
  • Obtain a small business loan – Small business loans prove effective over more traditional means of obtaining capital. Along with a quick processing time, you can avoid the requirement of providing any form of collateral given the fact the loan is provided solely on the basis of your credit card sales history;
  • Know your limits – While many of us still have that “borrow today, pay back when we can” attitude, it can get a business owner in a heap of trouble. Make sure you know your financial limits as a business owner so that you can avoid digging yourself too big of a hole to climb out of.

No business owner ever wants to hear the ‘B’ word, but being prepared for it just in case is a sound business move.

Dave Thomas, who covers among other items starting a small business , writes extensively for Business.com, an online resource destination for businesses of all sizes to research, find, and compare the products and services they need to run their businesses.


 

 

 

The Grinch Who Stole Blogging Past

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As your business winds down 2011 and looks forward to a fresh start, it is likely to review company practices for the past 12 months to see what worked, what did not work, and what flat out needs changing in 2012.

If your company blogs for its customers now is as good time as any to review the material you put out there for clients and others, seeing what is resonating with those who may end up putting money in your pocket.

In the event your company blog is getting little or no traffic at all, perhaps you can relate to those poor people down there in “Whooville,” those same folks who are targeted every year at this time by none other than The Grinch.

You see, The Grinch doesn’t like happy things, one of which is a productive company blog that drives traffic to your Web site, increasing the chances of selling your products and/or services.

So how can you outsmart The Grinch at his own game?

Well, you need to:

  • Set your blogging goals for 2012 – What is it exactly that you seek to accomplish with your company’s blog? Are there clear intentions with the blog or are you just seeking to fill some space and/or producing a blog because others do it? Don’t wander out into the cold aimlessly with your blog this winter, map out where you want it to go ahead of time;
  • Peer in on some successful company blogs – They say copying is the greatest form of flattery. While you do not want to duplicate a rival’s blog, you can certainly learn from them as to what is working and what is not. See how they interact in real-time with their customers, if they blog about industry trends and analysis, do they mention and/or offer special deals, coupons etc. through their blogs;
  • Review your content – No blog is successful if it contains stale and boring content. If your staff does not have the proper time to give to a blog, then you need to think twice about having it in the first place. The more successful blogs are those that provide relevant content, are updated frequently, have an appealing look to them and are rich in keywords that search engines will pick up on. If your company blog has trouble meeting some or all of those areas, you seriously need to rethink the purpose of having one;
  • Balance communicating and sales – If the company blog is just one big sales pitch, it will likely fall on deaf ears for the most part. You need to find the proper balance between selling and serving, i.e. the blog should provide informative material for your customers and potential clients, not be an advertorial time and time again. You will likely be in a tug-of-war between your marketing/editorial folks and the sales staff. The former will want to provide solid copy that offers relevant content, while the sales team will seek to turn the blog into one big sales pitch;
  • Alter your posting times – When posting your blog, alter the times it goes live to the public. Some helpful hints include…. Fridays are a bad day to post because a lot of people have their minds off of work and turned towards the weekend. Then again, a blog centered on outdoor activities and purchases can be good for this time of the week. Tuesdays are generally considered a good day to post due to the fact Monday is out of the way and more attention is likely to be paid to it. Lastly, make sure to end the blog with a call to action so that customers and those potentially interested in your business have reason to respond;
  • Lastly, use your blog to interact with customers – Real-time interaction with customers is priceless, even when they are upset with you and your products and/or services. The one thing you need to remember is that not all businesses have company blogs, hence you have an additional means by which to interact with customers that they do not. Take advantage of that opportunity and speak to your customers on a regular basis.

Your company’s blog can be the envy of many other businesses if you devote the right time and resources to it.

Heck, even The Grinch would smile about that.

Photo credit: holderbaum.educationextras.com

Dave Thomas, who covers among other items home-based jobs, writes extensively for Business.com, an online resource destination for businesses of all sizes to research, find, and compare the products and services they need to run their businesses.

Has Sexual Harassment Ever Impacted Your Ability to Do a Job?

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For most female workers, sexual harassment and their paths will never cross. For some, however it is an all-too frequent reminder there is still a ways to go in society, relating to treating women with respect at work.

While sexual harassment cases against men on the job do occur, the abundance of cases involves female workers being the targeted victims.

Simply put, sexual harassment is defined as any unwelcome sexual advance or conduct at the workplace that leads to an intimidating, hostile, or offensive working environment.

According to information for the year 2010 from the Equal Employment Opportunity Commission (EEOC), employers who were unable to protect themselves from sexual harassment claims filed with the agency recovered damages with settlements accumulating more than $48.4 million.

If you’re unsure exactly of what sexual harassment in the workplace constitutes, note that it can take on a number of different forms, including:

  • Offensive and belittling comments directed one’s way;
  • Imagery around the office depicting women in offensive clothing or poses;
  • Outright hostility from another co-worker just because one is female;
  • An actual sexual assault on workplace property.

In the event you feel like you’ve been the victim of sexual harassment in the workplace but did not react, there are several steps to take. They include:

  • Deal one-on-one with the individual and tell them their actions are offensive and need to stop;
  • Go to a manager and explain the situation, providing as much detail as possible to back up claims;
  • Should the manager not be of assistance, go to his or her superior and continue on up until concerns are properly addressed;
  • Don’t fear for the loss of the job by reporting the alleged perpetrator. Everyone has protections in place regarding reporting such instances, although it is natural to wonder if it could lead to issues with job security;
  • All along the way, be sure to document each and every inappropriate confrontation with the individual who has been the aggressor. This is critical so that it can demonstrated to a court that all efforts were made to stop these actions should the matter end up with a lawsuit;
  • Should the higher-ups in the office not handle the matter, seek outside assistance from an agency set to deal with sexual harassment in the workplace.

At the end of the day, your employer is held responsible for the workplace actions of each and every worker under its employ.

To let sexual harassment actions go unpunished is not only a crime, but a slap in the face to the many hard-working women (and men in those cases who are harassed by women on the job) who simply want to show up day in and day out and do their jobs.

As a career woman, have you ever encountered sexual harassment along the way? If so, what did you do about it?

Photo credit: singlemindedwomen.com

Dave Thomas, who covers among other items business proposals and small business loans, writes extensively for Business.com, an online resource destination for businesses of all sizes to research, find, and compare the products and services they need to run their businesses.

 

Do You Know How to Hire Talent?

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While many small businesses have found themselves having to freeze new-hires or even let people go given the turbulent economy, others have been fortunate enough to bring on new employees.

Stop, however, and look at your hiring processes. Are they really where they need to be?

For too many companies, there are cracks in the armor when it comes to hiring the right employees.

As a small business owner, do you follow a formal process when it comes to bringing on new talent or have you been winging it for some time now?

In the event it is the latter, here are some tips to help smooth out the process:

  • What is the proposed duration of this employee? – Businesses need to decide if they will be seeking a long-term employee or just need a temporary fix. If hiring for the long-term, factor in things like higher salaries and benefits. If you just need workers for a few weeks or months, working through a temp agency is oftentimes the best solution. Temp agencies allow you to avoid the interview and hiring process, but keep in mind that that can sometimes be a bad thing;
  • How many interviews should I do with the same individual? – For many companies, the interview process is one and done, while others who like a candidate will bring them in for two or more interviews. Determine how important the position being advertised for is and go from there. That is not to say that you should not care about the quality work of an administrative assistant as opposed to a CEO, but obviously the CEO is going to be coming in with more credentials and expectations;
  • How much emphasis should I put towards gaps on a resume? – For some businesses looking to hire, seeing non-working gaps on someone’s resume signal red flags. While some of these breaks between jobs can be easily explained away, do not hesitate to ask candidates why they have a year or more between jobs. Whether it was a layoff, a break to go back to school, taking care of a loved one or raising a family, most employers will understand. Still, don’t leave this to fate if you’re wondering why someone has not worked for several years;
  • Can you spot a red flag? – Oftentimes an interview will come and go so quickly that you or your HR person or whoever was conducting the process misses something. Be sure to check out if the candidate appears confident, has good communication skills and seems energetic about the position. Body language can go a long way in determining if you may be hiring the right or wrong individual;
  • Quiz the individual about your company – While a candidate is not likely to know every intricate detail about your small business, they should know some of the basics by having done some research. Do you really want someone potentially working for your company that doesn’t know anything about you other than your company name and address? Job candidates should take the time prior to the interview to research the company’s Web site and see how they can best assist you in the proposed position;
  • Be prepared just like the candidate hopefully is – There is nothing more embarrassing for the company and the employee conducting the job interview than not being prepared. Just as you want the candidate to bring their ‘A’ game; you too need to be ready. Have a list of questions compiled regarding the candidate, how they see themselves helping the company, where they see themselves in a few years etc. Just as an ill-prepared candidate can lose out on a job possibility, you being unprepared for the interview can lead to a well-qualified prospective candidate taking a pass on your job offer.

Hiring the right people for your small business is in a way like finding the right seats on the bus for all the students.

In this case, you are looking to hire the best fit for the open position, something that too many companies are not very talented at.

Dave Thomas, who covers among other items starting a small business and business proposals, writes extensively for Business.com, an online resource destination for businesses of all sizes to research, find, and compare the products and services they need to run their businesses.

Social Media and Its Impact on Resumes

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In this day and age when social media is all the rage, it behooves those either out of work and looking for a job or those looking to change out of their present positions to utilize social media on their resumes.

Quite simply, social media can go a long way in helping job seekers further place their foot in the door with a company of their choosing, especially those who grasp this form of communication.

So, how should you go about linking the various aspects of social media and your resume?

Among the ways to do it are:

  • Make sure you are using Facebook and Twitter for starters – Given that Facebook and Twitter reportedly have around a billion users between the two of them, it only makes sense to be seen and heard on both. Facebook is a great tool to share valuable information with prospective employers by befriending their companies. Once you’re able to do that, you can supply them with pertinent links to your work, be it full-time, part-time and/or internships. With Twitter, the same can be true, but be sure to use related hashtags such as #employment, #jobsearch, #careers etc. to network with potential employers or those who may know of an opening you would be qualified for. Sometimes it can be as simple as an alum of your college seeing you on Twitter of Facebook, knowing of a qualified opening, and forwarding you the details;
  • Put together a video resume – Whether your job will involve technical things like video does not matter, use video to express your qualifications. Unlike the old paper resume or even today’s electronic version, adding video to your resume gives a prospective employer the opportunity to see you in a visual light before you might even step inside his or her office for an interview. Yes, you may be a little shy in front of the camera, but this means of reaching out to employers can help get you in the door for an interview. Use sites like YouTube, Facebook and Twitter to name a few to promote the career video in an effort to get it in front of as many eyes possible;
  • Provide a Web site and/or web host for your resume – Some individuals have taken to making their own professional Web sites as part of their career aspirations. This too is a great way to get your name out there in the electronic world, whether it is your own site or by selecting a professional resume hosting platform;
  • Link up with your resume – Remember to provide links on your resume to the different social media tools that you use, including Facebook, Twitter and LinkedIn. By doing so, potential employers can visit your URLs and hopefully see some of your creativity at work;
  • Clean up any social media issues – Those of us who have Twitter, Facebook and other social media tools at our disposal have undoubtedly posted something at one time or another we’re not too proud of. Before sending your electronic resume out to countless or even one prospective employer, be sure there are no social media gaffes that can come back to bite you;
  • Highlight social media experience – Given the fact that more businesses are using social media these days in their operations, any social media experience you bring to the table can be beneficial to you. In the event you currently blog, tweet, share etc. be sure to list your experience, including with working with things like HTML, WordPress, Blogspot, Dreamweaver, Tumblr and more.

The day and age of mailing off a resume or faxing it to a potential employer still exists in some circles, but those circles keep dwindling. Nowadays, having the social wherewithal to promote yourself means you have a much better chance of getting in for an interview than not.

Most importantly, don’t be anti-social when it comes to helping yourself attain the job you really want.

Photo credit: mensfitness.com

Dave Thomas, who covers among other items starting a business and workers compensation, writes extensively for Business.com, an online resource destination for businesses of all sizes to research, find, and compare the products and services they need to run their businesses.

Can You Get Around a Firing When Interviewing for Work?

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When you used to look around the cubicles at work, did you ever stop and wonder if this co-worker or that co-worker had ever been fired?

For many workers, the pink slip has come in an unceremonious way all too often, leading them down a trip to the unemployment line. Whether it was due to bad performance, an issue with a co-worker, or just not seeing eye-to-eye with the boss, they were dismissed.

In the event you find yourself in this position now as you search for a new job, there are some important factors to keep in mind when called in for a job interview.

Among them are:

  • Accept reality – Getting fired from a job is one of the toughest things you can go through. Yes, there is a difference between a firing and getting laid off from a job mainly that many layoff victims are oftentimes kept in their company’s plans should conditions improve where they can be brought back. How many times do you see an employer re-hiring a fired employee? The first and most important thing for you to do is accept what happened, take a short amount of time to deal with it, and then move on. Carrying a grudge for an extended period of time can impact you when you go back out on the interview trail, therefore lessening your chances for getting another job;
  • Covering the time gaps – Many individuals have gaps on their resume that can easily be explained away. Whether it was a layoff, taking time off to go back to school or for maternity leave, a sickness, it can be relatively easy to explain the time off. When it comes to being fired, however, this is where it gets tricky. Should you lie and say you were actually laid off or skip around the subject altogether? By all means, do not lie. This is a smaller world than many people think, and such lies can come back to haunt you if your potential or new employer finds out. If asked about why you were fired,  briefly explain your side of the issue and go from there;
  • Point out company you worked for – The last thing you want to do when interviewing for a job is bad-mouth your previous employer. That being said, it is okay to point out factual information about why you were fired. Sometimes firings happen as a result of companies being sold, downsizing, or another method whereby you did not have a say in the situation. You or other individuals may have viewed your dismissal as a firing, where in fact you actually were a layoff victim, something that does make a difference. On the other hand, if your prior employer had some issues with you and/or other employees and you got caught up in them, explain them in the proper manner without carrying a grudge;
  • Admit any wrongdoing – Most employees do not go out of their way to get fired.  In the event you were fired from a job and it comes up during a job interview, let the interviewer know what you learned from the experience and how it has changed your approach to work. While it may not get you the new job, it will at least give the interviewer pause to think that you may be worth the risk and have in fact learned from your previous employment situation. Many employers are willing to give an individual a second chance if they see sincerity and that the candidate did in fact learn a lesson from a job firing;
  • Show appreciation for a second chance– Lastly, make sure you learn from the firing, but then put it in the past so that it does not impact you going forward. It can certainly be tough to transition from being fired to having to look for another job, but it is the reality most people face. By hitting the job trail again and not sulking on your couch, you have already won half the battle.

Getting over a firing and finding a new job definitely takes time and effort, but the end result could show you that the firing was actually a blessing in disguise.

Photo credit: inlandpolitics.com

Dave Thomas, who covers among other subjects’ business phone service, writes extensively for Business.com, an online resource destination for businesses of all sizes to research, find, and compare the products and services they need to run their businesses.