01/28/2010
Ranking Down
Like any competition in life, everyone participates to win.
When it comes to business ethics, do we all win if we simply say that we are ethical (subjective, we know)? Is it an instant victory the moment we develop and publish new ethical rules and values for the company? The Swiss research firm Covalence begs to differ.
Covalence compiled a report, ranking the overall performance of multinational corporations. Since there were top performers, such as IBM, Intel, and HSBC, there also had to be lower-performing corporations.
The Huffington Post article “The 12 Least Ethical Companies in the World” digs into Covalence’s report, highlighting 12 businesses with questionable ethical practices.
While they scrutinize businesses on a multinational level, know that the experts and the public examine business ethics on a national and local level as well. With unemployment rates still high and markets slowly recovering, “Main Street” constantly watches, waiting for a scapegoat. This should be a warning to companies to become more transparent with their policies, processes, and practices.
Understandably, change is never easy, especially in a corporate setting. Doing nothing gets us nowhere either (image source: Doodlemeister).
Regardless of monitoring, you probably don’t want your business showing up on the lower end of this list, or any other similar study. This is a great reminder that even in down times, ethical business practices aren’t just to look good; they are representative of what your corporation, company, or business is made up of and what it stands for.
01/26/2010
Great Consumer Experience
Umpqua raised the experience of their service to a whole new level. According to The Financial Brand, Umpqua opened a “boutique store” in Northwest Portland featuring amenities that fit the people of Portland, OR.
(Image Source: The Financial Brand)
The 1,500-square foot space is more than a bank. The shop provides a dog-friendly neighborhood hub for people to mingle and meet up, while offering traditional banking services. Coffee, computers, and other goodies await those who are curious enough to step into the store.
Umpqua’s example opens up conversations and discussions about how to revolutionize services in other parts of the financial industry. It’s easy to nay-say or chalk it up to “impossible” because of the tradition and rooted systems of finance and banking.
However, we will not discover new ideas or know what’s in store unless we all try. Fairway believes that its team has the capability to do great work. Maybe we’ll beat everyone to the punch when it comes to the next level of service.
01/22/2010
Some Hope for Small Business
Though we currently focus on bridge loans and a few other commercial real estate lending products, we are ever vigilant when it comes to tracking other industry trends.
According to a CNN Small Business article by Catherine Clifford, small business lending, specifically through government-backed loans of the Small Business Administration (SBA), is starting to recover following the wake of down markets.
Clifford reports that the SBA processed 12,393 loans by the end of 2009, totaling $3.8 billion.
Within her article, the SBA’s Jonathan Swain comments, “The big takeaway that we have when we look at this is that we were successful in turning around the SBA lending.”
The CAnet is an extension of Fairway’s own services, enhanced by the know-how of a network of professionals.
While this is not a product that we offer, the CAnet, our network of Correspondents and Affiliates, have expertise in the area. If you are in the market for seeking out such a professional who can help you find a SBA product that fits your need, contact us and we’ll set you up with one of our network members.
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