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Archive for April, 2009

How to Protect Yourself from Craigslist Scams

Thursday, April 30th, 2009

We all know that Craigslist is extremely convenient—you can specify what you want and search for it according to price, city where it is available, description, pictures, and more. You can deal directly with dealers and thus you do not have to worry about customer service and order processing. In the same fashion, you can sell or offer services for just about anything. You can list handyman services, sell your old iPod, or offer up a room in your apartment for rent. The possibilities are endless.

However, recent events have shown that Craigslist can be deadly. Craigslist itself has links on its website with tips to protect yourself and your money. Read them! While Craigslist is extremely useful and convenient, we must treat it for what it is – doing business with strangers.As a result, we must be wary of any and every communication we have through this website.

Here are some tips from Five Point Capital to help keep you safe while perusing and using Craigslist:

First, protect yourself. Never agree to meet up with someone from Craigslist alone. In some cases, meeting face-to-face is inevitable—an interview for a new job, hiring a handyman, meeting up to trade DVDs. However, never agree to meet at ALONE or AT A HOME. Always bring a friend along and meet in public. If you are going on a job interview, make sure the interview takes place during business hours in the office, or someplace very public, like a Starbucks. If you are exchanging items, instead of meeting up, try to suggest shipping them simultaneously via FedEx. FedEx will provide you with a shipping and tracking link, which you can email to each other as proof that you sent the requested item or items. If you must meet up to exchange something, again conduct your exchange in a public place, such as Starbucks or a popular restaurant. If you are hiring someone to do work for your house (or are offering such services), say that you would feel more comfortable meeting the other person first outside of the home, and then meet in public. You can offer to buy the other person a cup of coffee as incentive for meeting up in person beforehand. When the time comes to have someone enter your house, or to enter someone’s house, make sure you are not alone. Invite a friend over for lunch while the person you hired will be there, or bring a “helper” along to carry your equipment or assist you with whatever task you have been hired for.

Second, protect your family and home. Do not give out your home address unless it is absolutely crucial for what you are selling or buying. If you are offering a room for rent, do not give the exact address until the day of the visit. Give the person looking for a room the cross streets on which your apartment or home is located, and then have them call you when they are close by. Again, never enter someone’s home or have someone else enter your home while you are alone. If you hire someone to work in your home, meet the person in a public place first, as suggested before.

Third, protect your money and your identity. If it sounds too good to be true, it is. Never send cash through the mail. Never give out your bank information unless it is through a secure site like PayPal. If someone has sent you a check, cash it and make sure it clears before sending the product. Never send money through Western Union or other similar sites, and never send money overseas. If you are looking for an apartment and someone emails you saying they have a place, but they happen to be abroad at the moment, and if you’ll just send the deposit via Western Union they will happily FedEx you the key to the place—it’s a scam. Trust us. Just delete the email and move on.

Finally, protect your integrity. There are warnings all over Craigslist to never post any discriminatory ads, but still people do so without thinking. You have a right to choose whomever you want as a roommate or to live in your home, but you are NOT allowed to say that you are limiting who can look at the room for reasons such as age, race, religion, sex, sexual orientation, or occupation. So posting an ad offering a room that says “we are looking for another female, about our age (20-30), with a steady job,” may seem typical and harmless, but it can actually result in legal penalties and huge fines.

Try to follow these simple rules and always use your common sense in order to avoid becoming a victim of a scam or crime. Remember, no matter what you are trying to buy or sell, it is not worth your life or your security. Here’s to keeping safe, from your friends at Five Point Capital.

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Restaurants - What is Surviving?

Thursday, April 30th, 2009

In this economy, people are scrimping and saving. While this is good practice for those low on cash and resources, it can be detrimental to the restaurant industry. More and more people have cut dining out from their budget plans, giving the already unforgiving restaurant industry and even more dismal forecast.

According to 5 Point Capital’s research however, not all restaurants, however, are failing. The Cheesecake Factory announced last week that it will be presenting at the Barclays Capital Retail and Restaurants Conference while P.F. Chang’s revealed plans to open 34 more of their franchise Chinese food restaurants abroad. As this Entrepreneur.com article pointed out, “nobody likes to cook three meals a day, seven days a week—no matter how bad the economy gets.” The trick is working with the economy and making the most of a bad situation. Restaurant owners and investors need to realize that this is not a time when the Average Joe is willing to splurge. This leaves you with two options: either stop catering to the Average Joe, or make him feel comfortable with his spending.

High-end restaurants do not rely on the masses for profit; they rely on a very small group of wealthy patrons and exorbitantly high food prices. If you currently own a struggling restaurant, turning your family-run pizza place into the next Alain Ducasse may not be the best idea. Instead, 5 Point Capital recommends the second option, what we like to call the “Sound Splurge.”

There is a reason that restaurant chains such as The Cheesecake Factory and P.F. Chang’s are doing so well. They offer reasonable prices for decent menus. People who are trying to save cannot afford high-end prices, but they also don’t want to waste money on food that isn’t worth it. The Average Joe is not walking around saying “I refuse to spend money,” he is saying “if I spend money, it better be on something good.”

The US News and World Report calls the type of fare that survives in a down-economy “fast-casual.” This refers to mostly quick-service restaurant chains that offer hearty, healthy, affordable meals. Diners get the bang for their buck with good-sized portions, so they don’t feel cheated out of their money, but dining out doesn’t require setting aside two months salary.

So if your restaurant is struggling or you have plans to open a new restaurant or chain, you do not have to panic. Yes, times are bad, but there are ways to keep your business thriving. Try to get into the mindset of the average American, trying to save money but still live life at the same time, and cater to that idea as best you can. Healthy, casual, hearty meals are both appealing and non-threatening and will keep customers coming back for reliable, affordable service. Five Point Capital can help you save costs by offering affordable leasing options for restaurant furniture and equipment, so don’t be afraid to pursue or continue your restaurant dreams. Bon appétit.

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Conficker: The Threat Hasn’t Passed Yet

Friday, April 24th, 2009

Business owners, personal-computer owners, and even 5 Point Capital team members alike all experienced a slight rush of panic towards of end of March 2009, as the dreaded Conficker virus threatened to close in on our personal information and safety. Luckily, Conficker did not cause nearly the amount of damage it could have, due in large part to the safety precautions taken by computer-users everywhere.

However, just because we dodged the Conficker virus bullet does not mean we should ignore computer safety measures, or that the threat has passed. Five Point Capital would like to offer you a reminder that it is always good practice to ensure that your computer is fully protected against viruses and hackers, along with a few tips for how best to do so.

The first tip Five Point Capital would like to offer you is to make sure your computer’s Firewall is turned on. You can check to see if your Firewall is on or off, and switch between the two, under your computer’s Control Panel or Security Center. Though you may occasionally have to turn your Firewall off (to receive files from third-party sources, like your company shared server), it is a good idea to leave the Firewall on as often as you can. Do not turn off your Firewall unless you absolutely must in order to receive files from trusted third-party sources, and always turn the Firewall back on immediately once file-sharing has ended.

Five Point Capital’s second piece of advice is: check the websites for the Operating Systems you use. For most people, this is Microsoft or Apple You should also check for updates from your computer manufacturer, such as IBM, Dell, or Apple. Search for any security updates these websites offer for your operating system (i.e. Windows XP, Windows Vista), and for your computer model (i.e. IBM ThinkPad T43). As holes in software are discovered and as security measures and techniques are improved, these companies will offer free upgrades for users, to ensure maximum possible virus and hacker protection.

Third, get anti-virus software. We over here at 5 Point Capital know that the economy is tight and anti-virus software is probably the last thing on your mind (and budget), but just remember: it will be a lot less expensive to invest once in anti-virus software than it will be to replace your laptop, personal files, and any lost passwords, credit card numbers, or PIN numbers. Purchasing anti-virus software is certainly not reckless spending; it is a smart move that can protect your personal information and save you from having to shell out much more in the future to recover from an attacked computer.

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It’s the Great Recession, Charlie Brown!

Thursday, April 23rd, 2009

It is no wonder that Americans everywhere are turning to the most unlikely of sources for economic predictions. Every news source in the world is reporting a different prediction, different turn of events, different outcome. Many of us have even turned to “trend forecasters” such as Gerald Celente, who claims to have predicted everything from the mortgage crisis to the dot-com boom ahead of time, as reported by New York Magazine. With the discrepancies in the news being broadcast on television, radio, in the paper, and online every day, it is no surprise we have all but turned our desperate faces to fortune tellers in the street.

On Sunday, the Associated Press reported that the recession seemed to finally be subsiding. Monday morning, however, Reuters countered with a report that the recession would probably last longer than originally expected. What is going on? Does anyone really know? Or have we just resorted to throwing out any prediction possible? After all, if the economy rebounds or it does not, someone will end up being right.

The big word on the economic street is “worried.” Wall Street worries about the banks. Oil stumbles due to demand worries. The government worries that bank bailouts are vulnerable to fraud. While the current state of the economy gives us much to fret over, what good is that worrying really doing? Couldn’t our time be spent in a more productive manner? As the wonderfully wise Ben Franklin once said, “do not anticipate trouble or worry about what may never happen. Keep in the sunlight.” Worrying and anticipating and waiting and predicting will get us no where.

While it may not provide the comfort and immediate answers we seek, the solution may not lie in predicting the future of American economy, but rather in working hard for small successes; we may not know when the mortgage crisis will end, but we can put our efforts into helping those who have already been affected, with institutions like the new mortgage aid program, as reported by the Associated Press.

Instead, let’s all do our part to save the economy. Spend wisely, but do not waste. Invest, but conservatively. Think ahead, but throw out the crystal ball. Be environmentally friendly, but don’t throw out your Honda for a Hybrid just yet. Do your research, but stay away from the pessimism porn. And if you must worry, at least follow the infamous philosophy of Charles Schulz’s beloved Charlie Brown:

“I only dread one day at a time.”

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Lease to Avoid Outdated Technology

Tuesday, April 21st, 2009

While many business-owners debate the advantages of leasing equipment and software over buying, there is one fact that stands out above the rest: leasing software means you can avoid sunk capital when the technology becomes outdated. It simply does not make sense, especially in this economy, to invest in a product that will be obsolete in a short amount of time.

Software, phones, computers, music players, gaming systems—they all become outdated relatively quickly as new technology and new trends cause them to become obsolete. Vaiafn.org is a website devoted solely to bringing attention to outdated technology! Buying this equipment and software will inevitably lead to one of two outcomes: either the product must be replaced, and the initial capital was wasted; or the outdated product is kept to save costs, and the business suffers.

Outdated technology and software means that your company cannot be as competitive as it may need to be in this economy. In this week’s AICPA CPA Insider, James Bourke claims that while not all technology needs to be thrown out as soon as something new comes along, “to be productive and responsive to clients, your staff needs tools that allow them to talk, e-mail and text.” For the world of accounting, communication is a must. You must analyze your own business and industry needs and decide what technologies you simply cannot afford to fall behind on.

When you lease with Five Point Capital, you avoid having to invest in equipment repeatedly as the equipment is updated. Not only does modern, cutting-edge technology appeal to customers and clientele, but it also serves a greater purpose; technology is constantly being updated for a reason—there is always room for improvement. Today’s technology is consistently becoming faster, more efficient, more user-friendly, and more convenient. Having access to the newest resources means your business can benefit from the latest knowledge and advances.

Even Microsoft is doing their best to encouraging the leasing of their products, as reported by ComputerWorld in an article last month. As a company that is always at the forefront of updates and improvements, Microsoft recognizes that it is often beneficial for companies to lease software and equipment in order to stay current. Technology is just changing too rapidly for buying and investing to be cost-effective for businesses in this economy.

The money-savvy business owner may be tempted to cut costs by skimping on the latest technology, but that is not the wisest choice. It is important to assess what technologies are available in your industry and decide what equipment is necessary to keep your company in the competitive circle. This 5 Point Capital blog can help you determine what equipment would be beneficial for your company to lease. By leasing equipment through Five Point Capital, you can avoid wasting money on soon-to-be outdated technology and falling behind the times with it. We are in the age of information, and no one should be left behind.

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What to Do With an Intern

Monday, April 20th, 2009

As we here at Five Point Capital have said before, interns are a great way to secure extra help for your small business while saving money. However, many have raised the question “what would an intern do?” Figuring out where an intern’s skills are best used in a small business is often challenging; they lack professional experience, but you want to make the most of their time. Here are a few simple guidelines to follow:

1. Treat interns as you would any new employee. There are basic facts and information about your company that a new employee needs to know, and your intern is no different. Make sure he or she knows the office rules, the names of top executives and clients, and the day-to-day operations within your business. This will not only help your intern feel comfortable, but will also help them on-board quickly.

2. Follow the 60-40 rule. 60% of your intern’s time should be spent working. Whether this means answering phones and getting coffee or something more in-depth, your intern is here to work. This will provide you with the additional help you need while giving your intern the chance to experience the working world. 40% of the time, your intern should shadow an employee. This will provide your interns with direct learning experience, as they observe how a full-time employee does his or her job.

3. Talk to your interns about why they took this internship and what they hope to learn. Then you can assign the interns tasks according to their skills and desires. The intern will be more productive if he or she is engaged in the work.

4. Before your intern joins your team, take a few moments to ask employees what they would like help with. This should serve as your guidelines to the type of work you assign your intern. Remember, the intern is here to learn, but also to help.

These guidelines should help you to make the most of your internship, while providing a good teaching basis for your intern. Always keep in mind that an intern is meant to help and to learn, and you should have no problem bringing an intern onto your team.

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