Author Archives: M2 The Agency

Tips for Effective Networking

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There are so many networking tips available out there, presuming to tell you how to do just about everything, that it can be easy to fall into total confusion about what makes sense for you.

So – when it comes to networking, let’s keep it really simple. Networking is nothing more than forming relationships, which is the same thing you do when you meet people and make friends. Granted, business networking is done expressly for the purpose of generating business leads and opportunities – but that’s fine as long as everyone involved understands that’s what’s going on.

And many of the same principles apply in business networking as they do in social settings.

Think of it like dating. When you’re on a date – especially a first date – you know (hopefully!) that you don’t want to sit there all night talking about yourself. Expressing interest in the other person not only helps you get to know that person, but it also helps you to come off as more interesting.

Networking-resized-600In business networking, asking questions and finding out about the other person’s business gives you the best opportunity to learn their needs and determine how you can bring them value. It also shows the other person that you’re interested in their needs, rather than just talking about yourself and your organization.

Chances are, of course, you will get the chance to make the case for yourself. How can you be prepared for your shot? One idea is to create a 30-second commercial for yourself and your business (you might want to have a 15-second version ready too, just in case time’s tight). You can base it on your mission or vision statement, and what you believe sets you apart from your competitors.

Create this pitch, know it well, and when you get your chance – you can make the case for yourself succinctly and effectively.

Sure, networking and dating are different in more ways than they’re alike – so let’s not take the comparison too far. But the process of forming relationships with others has some common elements, no matter what kind of relationship we’re talking about. And the best ones are always based on trust, understanding and mutual respect. If you approach networking in that way, you’re bound to get a great deal out of it!

Have a question about business planning, products, or services? Contact Business Development or leave a comment below.

Mortgage Market Seminar Summary

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mon125027-resized-600Recently, First Financial hosted a free Mortgage Market Seminar. The seminar was intended for anyone looking to buy or sell a home in the current state of the economy. Those in attendance were provided with detailed descriptions of the home buying and mortgage application process as well as advice on how to choose a realtor and lending institution.

The presentation began with an overview of the home buying process and emphasized that it is important not to be intimidated by the long process or be worried about credit score. By finding and choosing the right financial institution with an appropriate lending product and a realtor that one feels comfortable with, this process can be much easier. In order to choose the right financial institution, it is necessary for one to understand all the costs of owning and maintaining a home and determining how much he or she can afford. Some of the most common expenses of owning a home are the mortgage payments covering principal and interest, taxes and insurance, and upkeep. It is recommended that homeowners also set aside a reserve of cash for unforeseen expenses or emergencies.

Once a financial institution has been found, the potential home buyer needs to be approved. The difference between pre-approval and pre-qualification is that the first is a formal commitment from the lender and requires verification of income, funds on deposit, and credit report. When choosing a realtor and attorney, it’s recommended you choose someone with whom you are comfortable with and not make a decision based solely on fees.

No one should ever allow themselves to be persuaded into an agreement or contract about which they feel doubtful or uncomfortable with. It’s also encouraged to ask for closing credits and make your purchase offer contingent upon things such as affordable financing and satisfactory home inspection.

On that note, it is highly recommended that potential home owners have the house inspected. It might cost you a few hundred dollars now, but it gives peace of mind and might potentially save you from thousands of dollars in costs that could have accidentally been overlooked.

The seminar concluded with describing the differences between a fixed and an adjustable rate and closing costs. If you or anyone you know has any questions regarding a mortgage or a future seminar at First Financial, contact us.

ROI in Your Business

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Now that you’ve mapped out your marketing plan, you need to figure out what worked and what didn’t, in terms of attracting customers to your business. It’s important to determine which funds are being spent the right way in order to make sure you get as much return on your marketing investment as possible. There are a few ways you can do this, which we’ve outlined below. Be sure to take the time to do the research to determine your ROI, allowing you to tweak your marketing methods to maximize your presence in your target demographic.

The first and least expensive way is to survey your customers to find out how they learned about your business. When you are meeting with your customers, or when they are at the register, just simply ask “How did you hear about us?”  There are also other methods, such as web sites and software that allow you to survey those who go to your website. An example is Survey Monkey, a low cost online survey program which enables you to select the best plan for your business based on the number of online surveys you might want to send out over the course of a year.  Some of these methods do cost money, but can easily help you determine how effective your campaigns are.

Additional, inexpensive ways include:

  • Video monitoring and clipping services to determine TV viewerships
  • Setting up special web pages that are for the specific purpose of radio ad promotions so that you know which customers came from your radio listenership
  • Setting up Google analytics for your website
  • Setting up Facebook Insights for business or fan pages
  • Using Twitter to see how many followers you have and how interactive you are

Be sure to maintain a positive viewpoint along the way. This is a learning process and it may take a bit of tweaking to get your ROI just right. Try to think of ROI in other ways instead of the definitive “Return on Investment,” such as:

  • Re-Organizing Identity
  • Releasing of Information
  • Recognizing our Industry
  • Realizing obtainable income
  • Retiring old itinerary
  • Rewarding our interests

Soon enough, you’ll be on the path to your perfect ROI marketing equation.
Share your personal definition of ROI that you came up with by leaving a comment!

Have a question about business planning, products, or services? Contact Business Development or leave a comment below.

Cash Flow Options for Business

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This is a good time of year to examine your cash flow. Even if your sales are good, you still have to make sure the money is actually coming in on the schedule you need to meet your expenses and, hopefully, build up cash reserves.

If your cash flow could use a boost – and let’s face it, you would have lots of company – First Financial has several options you might want to consider. One is a line of credit. A very helpful option that’s there when you need it, many businesses access lines of credit to stem the effects of slow receivables or other short-term cash flow issues.

Personal credit is also an option for many business owners. You will need three years’ worth of both business and personal tax returns, and lenders will definitely take a keen interest in your business plan – since that tells a lot about how prepared you are to maintain business success and put yourself in a position to make your payments.

The good news here is that credit unions don’t simply pass judgment on your business plan. We help you with it. Our members are our owners, and we’re here to help make them more successful. So if we see issues with your business plan, our priority is to help address them so you can be more successful.

If you have a commercial mortgage, you might also consider refinancing it at today’s relatively low interest rates as a way of freeing up some capital on a month-to-month basis. That could make the difference in your ability to make crucial capital investments – perhaps an important piece of equipment or a technology upgrade that will allow you to win or successfully execute an opportunity for growth.

As the economy rebounds, many companies have a need to make fresh investments in employees, products and technology. Often, the state of your cash flow determines whether you can make these investments or will have to hold off. Talk to us about customized lending solutions that will allow you to shore up your cash flow and strengthen your business. We’re here to support your success!  Contact Business Development at business@firstffcu.com.

 

What Are You Going To Do With Your Tax Refund?

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For many people, good financial news usually comes around April 15, when they will discover that they have a tax refund on the way.  It might be the start of even more good news, as there are some signs that the economy is also turning around.

If you get a refund check from the IRS, great. And if it’s the start of better economic developments for you and your family, even better.

But with positive developments, comes the need to make good decisions. If your financial situation improves – whether on a one-time basis or more permanently – what are you going to do, not only with the money, but with the way you operate financially?

One thing to consider is that your tax refund is not a gift from the federal government. The money belongs to you – it always did – and the government essentially borrowed it from you for the better part of the year without paying you interest. You might want to consider adjusting your withholding so less will be taken out of your check. We understand that people love their tax refund checks, but you could have been earning interest on that money all year long. Assuming you saved it and didn’t spend it, you would end up with more money that way than waiting for a refund check.

But that save-not-spend part of the equation is important. When you start earning a little more money, it’s a good time to reassess how you budget, how you save and how you plan.

On the one hand, you want to pay off any high-interest debt as quickly as you can. On the other hand, you want to put something away for your future – especially retirement. And it’s a good idea to have some money in a rainy-day fund – with easy access to the cash – in case of something unforeseen.

The best idea is to develop a plan that incorporates all of these priorities. Develop a budget that takes into account all of your regular expenses, then allocates portions of what’s leftover for debt payments, savings and a rainy-day fund.

Having developed that plan, treat your tax refund like a paycheck and use the money accordingly. Then treat all your subsequent paychecks in the same way.

There’s plenty you can do. In addition to paying off debt and saving, if there is something you’ve been needing (not wanting) to buy, it’s wise to pay cash for it if you can, so you don’t add credit card debt. Beyond that, priorities might include:

  • Home improvements
  • Investing in a tax-sheltered account, like a 529 or Roth IRA, depending on your income and goals
  • Investing in a taxable account like a Brokerage Account
  • Giving to charity
  • And if you still have money left over, buying something you just simply want isn’t such a bad thing to do

Our experts located at First Financial, can walk you through the process. It’s worth remembering: The economy tends to go in cycles, and when you save and eliminate debt today, you put yourself in a stronger position for when times are tougher. Make a plan, stick to the plan, and watch as your situation continues to improve. Maybe that tax refund check will be the start of something pretty special. Give us a call at 732.312.1500 to set up a no-cost consultation or visit our website for more information!

*Securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker/dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. First Financial Federal Credit Union (FFFCU) and First Financial Investment & Retirement Center are not registered as a broker/dealer or investment advisor. Registered representatives of LPL offer products and services using First Financial Investment & Retirement Center, and may also be employees of FFFCU. These products and services are being offered through LPL or its affiliates, which are separate entities from and not affiliates of FFFCU or First Financial Investment & Retirement Center.

Securities and insurance offered through LPL or its affiliates are:

10 Ways to Pamper Yourself on a Budget

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In this guest post, Mary Harris – an Ocean County resident, co-owner of local natural products business Heaven & Earth LLC, professor at Monmouth University, and holistic nutrition student at the Institute for Integrative Nutrition, provides you with ways to pamper yourself on a budget.

She writes:
Believe it or not, money does not have to be an item of concern when it comes to pampering yourself. In fact, finding new ways to treat yourself right can be fun and rewarding and help reduce stress. You can even invite family and friends to take part in some of the pampering, if you want to. Here are my top ten tips for pampering yourself on a budget, with a healthy twist!

1. Enjoy a cup of hot tea– Tea is a worldly drink that, in my opinion, has the power to soothe the soul. Teas can be delicious and healthy to boot. Choose your flavor and style of tea (naturally decaffeinated, organic, loose, bagged, black, red, green), brew it in a tea kettle, pour it in a pretty cup, and take your time sipping your worries away.

Bath%20Fizzy-resized-6002. Take a relaxing bath – The power of water is incredible, and baths are just one example. Light a couple of candles in a safe place and draw up a hot bath with your favorite natural soap or bath fizzy close at hand. (Pictured left, Heaven & Earth, LLC’s Lemon Rose Blossom Bath Fizzy).

3. Read a good book – A visit to the library or paperbackswap.com might be in order, because reading can be truly therapeutic and virtually cost-free if planned right. Find a quiet place to enjoy some time each day to read, even if it is just fifteen minutes at a time. Escape into Book Land.

4. Make a homemade facial mask – Healthy facial masks are inexpensive and easy to whip up. One of my favorite recipes for dry skin during the cold winter months is ½ an avocado mixed with ¼ cup of local, raw honey. Mash the ingredients together, mixing well, and apply to clean skin for ten-fifteen minutes and then rinse thoroughly. It is important to try to buy local, raw honey from a sustainable honeybee keeper since it is healthier for us and for our friends the honeybees.

5. Go on an antiquing adventure with a friend or two – Going antiquing or shopping at yard sales, flea markets, and second-hand shops can produce unique and economical décor and items for you and your space; not to mention, you get to meet interesting people who might be able to share a part of history with you. music-resized-600

6. Create the perfect playlist – Make yourself a relaxing, inspirational, and/or fun playlist just for you. Sites like Project Playlist and Spotify are great resources for music and creating customized playlists to enjoy legally and for free.

7. Buy yourself a journal – Find a journal that is a reflection of you. Keep it by your bed and free write happy thoughts, goals, beautiful quotes, and hopes and dreams in the morning when you wake up – and at night before you go to sleep, or whenever you feel motivated to do so.

8. Take pleasure in fruit and chocolate – Buy yourself some organic berries and dark chocolate, prepare them on a fancy plate with a sprig of fresh mint or chocolate drizzle for garnish. Take your time and savor every bite in a comforting space.

9. Sit in silence and just be – Sit or lay down in a comfortable space in silence to just exist, ponder, and focus on breathing and relaxing. Most people do not take time to themselves to try this exercise, but it is well worth it. Some people meditate during quiet moments like this as well.

10. Watch a movie marathon in your pajamas – Whether you rent movies from the library for free or have a Netflix subscription, a movie marathon in your coziest pajamas does not require much money or effort. This is a wonderful way to spend a Saturday afternoon or a day off from work.

Mary%20-resized-600Mary Harris is the Co-Owner of Heaven & Earth, LLC, a small company that creates natural homemade soaps and other natural products for mind, body and spirit. Mary is also a college professor at Monmouth University and is currently studying holistic nutrition and wellness. Mary resides in Bayville with her husband and three dogs. For more tips on living simply, sustainably, and healthfully, visit her blog.