Finance at the Community Level

Over the next several months we will discuss issues that touch on economics, community friendly businesses and practices and organizations that empower you to move from victims to victory in finance.  Ownership is the solution in our community to any discussions about finance.   Ownership means that you have skin in the game of finance.  I challenge you the reader to respond to my commentary and tell your inspiring stories of ownership that improves our community.  Tell us who you feel is positive for our community and why.

 

 

Ownership became real when buying and paying off the mortgage for our commercial building.  The ability to purchase was a gift from GOD, a milestone in my business career, and a source of pride for my family and community.  The journey to the picture above did not start out being a positive experience.  We had leased spaced for some years and were scared to take a leap of faith to ownership, so God created a situation that forced us to make a positive change.  We were evicted from a leased space because the property owner filed bankruptcy due to family death. We had thirty days to relocate our business (we had run out of space in our office in the home years earlier and had small children).  We located three possible office sites but chose a location five minutes from our home and five minutes from our children’s schools.  The building was not in any working condition for a business office.  We met the owner, Mr. Johnston pictured above.  He initially did not want to sale the property.  As a matter of fact he did not want us to know that he owned the property.  We negotiated owner financing for the property and delayed the first payment for three months to allow us to make needed renovations and system improvements.  It took us more than five years to make the necessary improvements to upgrade the commercial building.  God blessed us with additional income for the next seven years and we accelerated mortgage payments of principal and interest to get to the picture you see above.  This is a picture of the final payment made to pay off the mortgage on our commercial building and you will notice that I am the only one that is smiling and so is my wife who took the picture.

Our journey to ownership started in 1987 when my wife and I started our company.  We had no children at the time and started the business out of our home as a way of further using our graduate degrees in accounting and business management.   

Nothing can prepare you for the uncertainty business ownership, but a do not give up attitude and asking lots of questions can arm you with some of the right resources.

 

Ownership does that to you, makes you smile and changes your possibilities for your community. 

 

We think ownership is the most motivating and empowering part of being a business owner.  What do you think? Email us at problmslv@aol.com or check out our website:  www.chambersconsultingLTD.com or call us at 205.780.7903

 

Harry Chambers Jr. MBA is co-owner of an award winning accounting, strategic planning and management consulting firm established in 1978.  Chambers Consulting LTD is located in the western business section of Birmingham.  Chambers Consulting LTD,  mission: To advise and consult with business owners, nonprofits and individual wealth accumulators from an entrepreneurial perspective about strengthening their businesses for better communities by providing long-term financial management expertise that is unavailable to them internally; with a focus on planning business solutions, financial reporting, cash management, budgeting and tax planning.  Website: www.chambersconsultingLTD.com

Why supporting local businesses is a good business practice

Why support local businesses?  Because it matters how the money we have is spent with local community friendly businesses.   Community friendly businesses understand economics.   Every community has economic drivers that propel a healthy quality of life for their area.  If you were to just look at a community externally you would notice the differences.  Those differences might be how people take care of their property and how involved they are in community organizations such as neighborhood associations and parent teacher associations.  I also suggest you look at who owns the businesses in a community and if they are active in making the community a positive place to live and raise a family.  This one observation of who owns the businesses in a community is pivotal to a community that thrives or a community that dies.  The basic economic equation for a healthy community focuses on high rates of employment, business and home ownership.  Implied in these economic drivers is an understanding of economics that must be aggressively taught in the educational system.  We all have a stake in promoting a healthy community because the youth of our communities will become the leaders of tomorrow.
Shop local initiatives have been very effective around the country and can work her in Birmingham too.  Monies spent to help support hometown businesses can have a ripple effect on the local economy.  With thought and a little heart, you can make a big difference.
We celebrate are twenty fourth year anniversary during 2010.  This is a milestone for us professionally and as a family.   But during the current economic recession the challenge is to do more for the local economy and put people back to work.  Every local community needs an economic stimulus package.
You can make that happen with a little help from your friends, civic groups and churches.  Start a trend in your local organization to spend at least a $100 per person or more at local stores in your community.   Challenge other groups to do the same.  We campaign for elections, let’s campaign for the local business owners by spending at local stores in our communities.  Designate a store to shop at each month and have you and all your friends shop there.  Tell the store manager or owner that you intend to ask your friends to patronage the store because it improves the community and provides local jobs.

Have fun with it, challenge other groups to outspend your group monthly and designate a specific local store or establishment.   Let’s reward those businesses that offer goods and services to our community and provide job opportunities to our neighbors.
Why do this?  Everyone can do there part to improve the community by becoming more involved.  You have in your wallet or purse the ability to change your community and create employment opportunities for you neighbors.

We do not need the government to show us the way out of this recession we have the keys to do it for ourselves.  We can start our own stimulus package for our communities today.
I challenge every community in Jefferson County to practice spending with local businesses and report back in 12 months what impact it had on your community.

What do you think? Email us at problmslv@aol.com or check out our website:  www.chambersconsultingLTD.com or call us at 205.780.7903

Harry Chambers Jr. MBA is co-owner of an award winning accounting, strategic planning and management consulting firm established in 1978.  Chambers Consulting LTD is located in the western business section of Birmingham.  Chambers Consulting LTD,  mission: To advise and consult with business owners, nonprofits and individual wealth accumulators from an entrepreneurial perspective about strengthening their businesses for better communities by providing long-term financial management expertise that is unavailable to them internally; with a focus on planning business solutions, financial reporting, cash management, budgeting and tax planning.

Harry Chambers Jr. MBA is co-owner of an award winning accounting, strategic planning and management consulting firm established in 1978.  Chambers Consulting LTD is located in the western business section of Birmingham.  Chambers Consulting LTD,  mission: To advise and consult with business owners, nonprofits and individual wealth accumulators from an entrepreneurial perspective about strengthening their businesses for better communities by providing long-term financial management expertise that is unavailable to them internally; with a focus on planning business solutions, financial reporting, cash management, budgeting and tax planning.  Website: www.chambersconsultingLTD.com