American Samoa Chamber of Commerce

BANKING STRATEGIES IN AN ECONOMIC DOWNTURN

Jun 24

Posted by Joey - Secretary in Uncategorized

Chasing Money When Times Are Tough

Chasing Money When Times Are Tough

 American Samoa Chamber of Commerce Vice-President Jason Betham offers banking advice:

  • 1.       Make sure your financial statements are up to date.
              a.       This is usually a part of your loan agreement anyway.
              b.      Having up to date financials will also allow the bank to act quickly if you need additional financing or need to restructure the debt you already have because of reduced cash flow.
  • 2.       Plan ahead!  Don’t wait until you can’t afford your loan payments and fall delinquent before you talk to your bank.   Banks are more willing to help those who are proactive than those who show up requiring “emergency” financing or restructuring.
  • 3.       Talk to your Banker and be HONEST about your situation.  Your banker can’t help you come up with the best solution for your business without full disclosure about your operations. Your banker can review your financials and identify trends for you and provide helpful advice.
  • 4.       File your taxes accurately! The bank will base your ability to repay a loan on official documents such as tax returns.  If you understate your income to reduce your tax bill you may not show enough income to pay a loan.

Jason Marist Betham, Sr. isn’t just another pretty face on the Board of Directors of the Chamber of Commerce. He’s the Credit Manager of the Development Bank of American Samoa, so he knows of what he speaks. For questions, please contact Jason at DBAS 633-4031. Or comment below.

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BUSINESS STRATEGIES IN AN ECONOMIC DOWNTURN

Jun 19

Posted by john in Uncategorized

BUSINESS STRATEGIES IN AN ECONOMIC DOWNTURN

  1. Review your business activities and budget with your Accountant
  2. Discuss your current financial situation and your future cash requirements with your Bank Manager
  3. Maximise your sales and marketing efforts - dont sit back and wait!
  4. Liquidate old and slow moving inventory by offering incentives
  5. Reduce your operating expenses
  6. Think CASH! Cash is always king especially when the market is tough
  7. Revise your marketing and business plan to position yourself for long term success
  8. Use technology - internet and email marketing
  9. Continue to advertise
  10. Don’t forget CUSTOMER SERVICE

Continue to review these and other useful hints and network at Chamber meetings and other business events. If you need help or advice contact the Chamber at president@amsamoachamber.com
THE CHAMBER MEANS BUSINESS

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Business of the Year Annual Awards Banquet

May 6

Posted by Admin in Business of the Year

boty-collage

The Business of the Year awards night was the social event of the year. Held at the Goat Island Cafe, the event drew a full house including Chamber members, award winners and supporters. The guests enjoyed  light entertainment including Galu Satele’s poetry and Randy DeWees’ guitar. Joey Cummings was the master of ceremonies. Amata Radewagen gave brief remarks. Chamber President David Robinson described the event planning and selection process for the six categories.

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It’s simple: “Use Less, Pay Less”

May 5

Posted by Admin in Energy

lightbulb

What is a WATT (W)?
Answer: A measure of how much electricity you use.

What is a Kilowatt (kW)?
Answer: A kilowatt is 1000 watts.

What is a Kilowatt hour (kWh)?
Answer: The amount of kilowatts used in one hour. Read the rest of this entry »

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Stop dengue by stopping mosquitoes at the source

Jan 25

Posted by Admin in Health

mosquito
Stop dengue by stopping this mosquito at the source.

To learn more please view the Department of Health brochure.

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Some Energy-Saving Ideas for Businesses

Jan 1

Posted by Admin in Energy

Some Energy-Saving Ideas for Businesses
(contributed by David Herdrich)

In today’s world, a basic truth is that there is no necessary conflict between business and the environment. If development is carried out in a sustainable way, and the idea of sustainability is taken seriously, we can protect our environment and create wealth at the same time for the long term. Read the rest of this entry »

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Minimum Wage Study

Sep 19

Posted by Admin in Minimum Wage

September 19, 2007

Washington, D.C. – US DEPARTMENT OF LABOR SAYS MINIMUM WAGE STUDY WELL UNDERWAY; REPORT WILL BE ISSUED IN JANUARY 2008

Congressman Faleomavaega announced today that he met with Dr. Ronald Bird, Chief Economist from the Office of the Assistant Secretary for Policy of the US Department of Labor, regarding the minimum wage study now underway to determine the impact of increases on the economies of American Samoa and CNMI.

“I am pleased to report that Dr. Bird has informed me that the US Department of Labor’s Bureau of Statistics has made tremendous progress in American Samoa and has already gathered data from our tuna canneries, ASG, and the US Department of the Interior,” Faleomavaega said.  “The Bureau of Statistics will also be consulting with our local Chamber of Commerce.” Read the rest of this entry »

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Minimum Wage Statement

Feb 7

Posted by Admin in Minimum Wage

February 7, 2007

Since the minimum wage issue was raised in the US House of Representatives recently there have been various opinions expressed in the Territory for and against raising the current minimum wage here to be in line with the new levels in mainland US.

We were caught in a political points scoring match between the Democrats and the Republicans initially, with neither party it seemed having any regard for the economic prosperity of the Territory. It appears that a more rational approach has now been taken and the Territory will probably be excluded from the wage hike and continue to operate under the Special Industries Committees for it’s wage reviews.

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New Minimum Wage Proposal Main Issues

Jan 27

Posted by Admin in Minimum Wage

January 22, 2007

Lt. Governor, Mr. Chairman, Mr. President, Hon. Senators and Hon. Members of the House, thank you for the opportunity to express the views of the Chamber of commerce to your committee today.

We have been caught in a political football match with the Republicans and the Democrats each trying to score cheap points with no regard for the economic prosperity of American Samoa.  The stakes are high for our economy and if this proposed legislation is passed it will have devastating effects.

The Chamber has written to the House Speaker urging her not to include American Samoa in the proposed changes and to maintain the present system of a two yearly review. Everyone in both government and the private sector must unite and be supportive on the Governor and our Congressman in their efforts to exclude American Samoa from the proposed new legislation.

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Letter to Pelosi re: Minimum Wage Legislation

Jan 18

Posted by Admin in Minimum Wage

Hon. Mrs. Nancy Pelosi, Speaker of the House
United States House of Representatives
sf.nancy@mail.house.gov 18 January 2007

FEDERAL MINIMUM WAGE INCREASE

Dear Mrs. Speaker

The Executive Board of Directors and Members of the American Samoa Chamber of Commerce would like to express their concern over what is being reported in the press as a piece of proposed legislation to include American Samoa in the broad sweep of the Minimum Wage increase in two stages from it’s present level to $7.25. Read the rest of this entry »

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