I opend a morgage company a year ago, with a big investment
now the business is going very bad the reson is poor manegment
i have another year lease,and some more obligation,
any one can halp me, what i sould do?? thank you
2006-10-21 18:03:47 · 10 answers · asked by danielle k 1 in Business & Finance ➔ Small Business
Be Positive!!!
I have seen many people fail the first 2 years, but if you GIVE UP now, you lost your opportunity.... The way interest rates are going, and the economic situation of housing, would make me think you should get into HCL, while diversifying with what you currently do (refis, new buys, etc...).... Also, get rid of the manager today, and put an ad in the paper for a STRONG person, pay them well, it may seem as a loss now, but will be a huge profit at the end. Find a way to survive financially, and turn that sucker around. Remember, there are millions of small businesses out there, and they run into the same thing you do, the question is, who will remain to stand tall and strong and turn it around and someday write a book abou it!
Stay strong, and succeed!
Let me know if I can be of help.
2006-10-21 18:13:59 · answer #1 · answered by Kosher1 2 · 0⤊ 2⤋
Losses in business is a very common problem which is why the government allows you two years of losses on your taxes as long as you are trying to show a profit. You have only two choices: increase income or decrease expenses. You can either raise your price/commissions or start to operate the business on less than what's coming in. Do you have a business plan? Are you on target? I agree with the person who mentioned the SBA and Score... those are organizations that can help you FREE. It may be a good time to clear out the people in the organization that are not producing; however, make sure you aren't blaming them when you should be blaming yourself. If there's no chance on turning things around bail out but if there's a light at the end of the tunnel, ride the waves of the bad time and get ready for good times ahead.
2006-10-21 20:19:49 · answer #2 · answered by Anonymous · 0⤊ 1⤋
What state are you in? If your in PA I might be able to help you out. I have been in the mortgage industry for over 5 years. The number one reason why your business is failing is because you probably didn't know the mortgage industry or understand it. Like most people they just jumped in and now that the market has decided to turn people are just jumping ship. You need to do is hire new loan officers who are high producers. Yes there are many of them that can't stand who they work for. Offer a higher commission structure plus other benefits such as medical.
Stop marketing your business like all the other companies. Find a niche and work it. If you are really desperate then email me and I can be your consultant for a fee. I do make people money.
2006-10-21 19:10:16 · answer #3 · answered by steve s 3 · 0⤊ 1⤋
I would consider evaluating the reasons why your biz is not working out and find solutions to each problem. If you still have another year to go then you need to start making some changes within the company and hire some quality people or take it into your own hands and repair the damages that have already been made! You may want to consult with a professional to evaluate what changes need to be made. If you need more customers than I would consider a website, if you dont have one, and promote you business within your area.
2006-10-21 18:19:33 · answer #4 · answered by Anonymous · 0⤊ 2⤋
Reduce your losses, close the doors, return the lease space keys and move on to another vocation. Worse things can and may happen the longer you put it off, it will happen anyway and you can slow or stop the bleed and save money over all as well as your dignity.
Negotiate a settlement with the lessor if necessary to end the lease. Give them the alternative of bankruptcy or the settlement, they will act wisely I do believe. Now stop waffling and get moving.
2006-10-21 18:17:44 · answer #5 · answered by hithere2ya 5 · 1⤊ 1⤋
I assume that you are interested in minimizing your obligations at this point.
As far as the lease goes, see if your lease allows to sublet. You might be able to find a sublettor for your space. You might also try to negotiate a buy-out with your landlord.
Michael Casey CPA
Business Consultant
608-271-0068
2006-10-22 03:39:09 · answer #6 · answered by michael c 3 · 0⤊ 0⤋
you might need to take out another loan to boost your companies image. Do some cost/benifit analysis & risk assessments. Hire new management with a good record & plenty of references. Refresh your training in your areas that need improvement. Best thing would be to enlist the help of a small business solutions center. Dont know which country you are in so just use the yellow pages. As I said above, get new management, you have grounds for dismissal if they are not doing their job & you have given them opportunities to improve their own performance. Good luck :o)
2006-10-21 18:15:44 · answer #7 · answered by Mrs D 6 · 0⤊ 2⤋
sort out the particular area of 'poor management' then try to repair your business by doing good management instead of poor management.
2006-10-21 20:03:28 · answer #8 · answered by Expert 3 · 0⤊ 1⤋
Fire yourself for hiring poor management.
2006-10-21 18:10:28 · answer #9 · answered by brian d 1 · 0⤊ 2⤋
Move to China.
2006-10-21 18:05:33 · answer #10 · answered by Lloyd 5 · 0⤊ 4⤋