banks Archives - Steve Sammartino

Credit Crunch – advice for Startups

Posted on October 19, 2008 by Steve Sammartino

So the credit crunch is here. This is great news for startups. Great news because the pretenders leave the playing field and reduces the number of players in the game. They often provide flimsy excuses to themselves and us saying things like ‘It’s not a good time to spread new ideas…’

So we need to think about this:

How to win?

How do we win when a lot of money is being locked away from SME’s?
How do we win by investing our available funds frugally?
How do we win by extracting the maximum value from suppliers in a contractionary market place?

In short, how do we extract more value as a ‘bootstrapping startup’ while the VC funded few fall over… scamble for more cash – and run around trying to ‘monetize’ quickly. How can we turn the fact we know how to operate on a tight budget into our advantage?

Now is the best time yet for boostrappers. Now is the time when real value investors, real value extractors and real value providers win.

I’m a believer – the test

Posted on March 18, 2008 by Steve Sammartino

I’d spend my last hour working on my startup.

I’d spend my last dollar working on my startup.

Conceptually not just financially, I’m a believer in how I invest my time.

If we don’t believe, how can they?

Why people hate banks

Posted on March 13, 2008 by Steve Sammartino

People hate banks for lots of reasons. Too many to mention here. But here’s one: They pretend to care.

Why shock, horror; I actually had a pleasurable banking experience.

Upon opening a couple of business accounts at the Bank of Queensland in Yarraville and the staff actually did care. We even shared a joke or two.

The clincher was with a simple statement: When asked how many monthly transactions I’d need at the branch and I replied with I’ll do it all on the net, they replied;

“That’s a shame, we’d like to see you come in. Remember we’re here if you ever need help or want to come in and discuss any issues.”

It wasn’t corporate training speak either. The body language and tone told me it was real. We humans can sense these things. Funny how the things that cost nothing, add the most.

If any local business colleagues ask me about banking, guess where I’ll send them?