Is the credit crunch affecting you and your business?

[Scottish Business Owner]

There's loads of stories floating about concerning the credit crunch and the impact it will have on homeowners and small businesses. Is anyone starting to feel that it's affecting them? Are you concerned about what lies ahead?

 

[Brian]

Being an IFA it's certainly affecting our business. Many lenders are now very choosy about who they lend to and are only offering smaller LTV's (loan to value) than before. Property values i'm sure will also be taking a dip.

I wouldn't want to be someone who'd taken out a 100% mortgage in the last year anyway!

Brian IFA

 

[stressmom]

My family had its own business (small might I add) for almost 25 years and we have certainly seen some up and down economic times. But this is the worst by far. We are really feeling the crunch and just hoping to make it through the next couple of months afloat.

 

[Brian]

Times are certainly challenging just now and it's not isolated just to the UK and US. I dont think we've quite felt the full impact of thi crunch yet.

Time to batten down the hatches for a while and brave it out.

Brian IFA

 

[stressmom]

I agree with you Brian. I think that for the next year or so we will all still be feeling the ramifications of this one.

 

[michael@theiba.co.uk]

Undoubtedly many businesses and individuals are feeling the impact of the credit crunch.

Positively however it has made many people realise that simply accepting the status quo is not sufficient to continue to be successful.

Hence many are revisiting their business model and considering alternative revenue streams etc - challenging the status quo and in the process planning for the future, the key to any successful venture. Undoubtedly some will not survive but those who do will come out the other side stronger - will stop there as I am sounding a bit like Charles Darwin or David Attenborough!!

The moral of this story is - Every cloud has a silver lining!!

 

[stressmom]

thanks for the positive note- we have been looking for that for a little while now and your words just give me the inspiration to keep trudging along and realize that eventually there will be light at the end of the tunnel again.

 

[Scottish Business Owner]

I think it helps given the current climate to keep a positive attitude. There will undoubtedly be casualties of this current crisis which consequently means opportunity for other businesses who put themselves in a position to do so.

You only have to look at RBS looking to hive off their insurance arm to see that businesses are still interested in doing deals on the right terms

 

[davidc]

The credit crunch is global. That does not mean that every person in the world is going bankrupt. This is the third "difficult" period I have seen in my business lifetime, and it will not be the last. Business is out there, and you just have to keep focused. This downturn will not last long as employment figures are still strong. I have talked to many people recently that are restructuring, and looking for new opportunities. I myself have seen a downturn in business, but this is only temporary. I have concentrated my business in an area that is most resilient.

 

[Power Lunch Club]

The credit crunch is global. That does not mean that every person in the world is going bankrupt. This is the third "difficult" period I have seen in my business lifetime, and it will not be the last. Business is out there, and you just have to keep focused. This downturn will not last long as employment figures are still strong. I have talked to many people recently that are restructuring, and looking for new opportunities. I myself have seen a downturn in business, but this is only temporary. I have concentrated my business in an area that is most resilient.

Spoken like a truly successful person!!

I have met people in my business life who have gone through much worse and just as you have said, focus on their business, to get business and weathered the storm.

Gordon
PLC