Debt Consolidation Government Loan

A huge number of people in the UK (and all over the World) have a poor credit rating, and a surprising number of them seem to believe that they’ll never get credit again, and there’s nothing they can do about it. In many circumstances however, this just is not the case.

There are several things you can do to improve your bad credit rating, but one piece of advice that is often given out is to take out a loan in order to pay off your debts, thus improving your credit. This is not good advice and if at all possible, you should avoid this course of action completely. The fact that you have a poor credit rating in the first place means that you’ll be charged a very high amount of interest on the original amount. This will most likely end with you paying back nearly twice the amount you borrowed, and it will take several years to pay it off.

It’s never a good idea to continue borrowing money if you have bad credit (particularly if that’s what got you a low credit score in the first place) and you should always try and avoid it. A much better approach would be to gain access to your credit history file and see just how bad your score is. Many sites are available that will allow you access to your credit files, and by looking at them you’ll have a much better idea of how to improve credit rating.

You may well find once you’ve accessed your file that neither your level of debt nor your credit rating are as bad as you first thought. You might well discover that your rating stems from the fact that you’re a few payments behind on a loan or payment scheme. In this instance, improving your poor credit score is relatively simple. Contact the company to whom you owe money and do your best to explain your situation. A lot of companies only actually send out collections firms when they’ve exhausted all forms of communication and can’t get hold of you.

Once you’ve paid back what you owe, your credit score should begin to improve. If you can then keep up to date on future repayments, you should be able to get your credit rating to a point where you no longer have bad credit.

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As a business consultant, I see many types of clients who get into the business planning process all motivated and ready to go, only to be crestfallen and unmotivated after the first couple of business plan sections. What is the difference of those who see it through and work hard everyday to complete the business planning process?

I see it is a host of things but here are some of the reasons why people fail at business planning from my perspective…

Not a Number One Priority

Developing a business plan takes consistency. I recommend to clients to work on it two hours per day before their day starts. This way the business plan work gets done first, everyday. I find if clients try to work several hours at a time on a plan, they often get strung out and over loaded.

Very Hard Work

Developing all the details of a business plan and getting it on paper takes a lot of hard work. It is the type of work most business owners or entrepreneurs do not enjoy doing. Yet, it is an unbelievably useful tool for that business owner to achieve success. You should understand it is going to take 75 hours at a minimum and probable 100-200 hours to fully develop an effective business plan. Larger tasks can be upwards of 300 hours. If you are working with a business consultant on the plan, you can split the work 50-50. But even then, it is a challenging task.

Don’t See the End Goal and Payoff

It is hard to see the pay off of a business plan until you are well into the process, and its goals aren’t realized until you finish the plan and begin the implementation phase. Most see it as just a document- a piece of paper. However, the business plan is really an crucial tool. And like most tools, it isn’t useful unless used. If the business plan is well developed and then implemented well with tracking systems, then the enjoyment of the business success as a result is evident and appreciable. While the end goal is business success through the specific purpose of the business plan, it is really the tracking of the success and measuring the success which is the real goal. A business plan provides a platform to gauge business success on a day by day, weekly and monthly terms, knowing where you are heading and why. Most importantly, if the results aren’t as planned for, the business planning platform provides a system to uncover why the business plan strategy is deficient and discovers ways to correct it before wasting too much resources and time on that strategy. Why guess where your money has a payoff and not? A business plan defines the hidden business costs and consequences of a certain business strategy. Now that is a great payoff, no?

Believe Financial Forecasting is an Impossible Task

I should probably put this at the top of this list! Developing financials is the last step in the business planning process. If the business plan process is properly designed and executed, then the financial assumptions and forecasts have been developed with in the process. So all the business owner needs to do is some number crunching. With the software programs out there today, any one can crunch the numbers to come up with a business financial. The question is whether the financial is realistic and not just cookie cutter. I like a business planning process that is progressive, starting with the Company and Management, next moving on to Products and Services, then Market Planning, and finally Strategic and Sales Planning. At the end of the strategic planning, all the assumptions necessary to produce solid financials are developed. It is all about a building block PROCESS! This is why I wrote a Business Plan Book which provides a proved business planning process and great business planning tips for business owners and entrepreneurs.

About the Author

Frank Goley is a business consultant, business turnaround consultant and business plan consultant for ABC Business Consulting. He has been helping companies to succeed for many years. Frank wrote his first business plan over twenty years ago. He is an expert in developing business plans, marketing plans, funding plans, strategic plans, turnaround plans, web marketing strategies, and project specific business plans. Frank is also a business coach and a web development, web marketing and web seo consultant. Frank is the author of a business plan book, The Comprehensive Business Plan Workbook – A Step by Step Guide to Effective Business Planning, and he has over 50 published articles and e-books on business success strategies. He also writes the Business Success Strategies Blog.