I’ve written many online articles about the state of fire department finances and their impact on apparatus purchasing.The most popular and most down-loaded article gives a kind of gloomy forecast for fire department’s future.Here’s the link:http://ezinearticles.com/?Fire-Department-Funding—The-4-Upcoming-Critical-Financial-Issues-That-Will-Rock-Your-World&id=1276194Boiled down, this article
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Fire truck Financing: The new fire department
Most departments have savings. Is there a time to use your savings? Can you have too much savings?When to use your savingsMost financial analysis shows fire departments should maintain at least 6 months of income as savings on hand for a rainy day fund. On top of that, extra savings should be maintained for planned large purchases – such as saving for the purchase or a down payment on a new
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Fire Truck Financing: Should you use your savings?
Your department is considering borrowing money. Are there such things as good reasons to borrow money or bad reasons to borrow money? There sure is and this article will help define the differences.Debt can be a useful tool or a dangerous weapon. It can help your department grow and be safer or drag your department down to insolvency.The right reasons to borrow.Debt should be used to acquire
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Fire Truck Financing: Should you borrow money?
Most departments use the bid process because they believe that it leads to the most responsive bidder. Why do so many departments actually make a mistake that leads to worse results?So, what is the mistake that causes so many problems?Simply put, most departments don’t know what financing terms they want so the use the bid process as a way to just information.How does that cause problems?Without
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Fire Truck Financing: The biggest bidding mistake
Most departments use the bid process because they believe that it leads to the most responsive bidder. Why do so many departments actually make a mistake that leads to worse results?So, what is the mistake that causes so many problems?Simply put, most departments don’t know what financing terms they want so the use the bid process as a way to just information.How does that cause problems?Without
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Fire Truck Financing: The biggest bidding mistake
The second must-answer question is what most departments do – they just do it poorly!They do it poorly because they mix up this question with the first question. The 2nd must-have answer is:2. Who is the best person to finance this truck?Here’s what most departments do wrongThey start the process by seeking this answer – without the prep work in getting the first answer. So, departments are
Last week, we talked about how bad decisions are made when the two key answers are not discovered. We’ll look at the 1st answer today.What is the best way to finance this truck?This question and its answer starts long before you are ready to borrow money. It should start about the time you are starting the process of designing and bidding a truck specification.A high-quality answer includes
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Fire Truck Financing: The 1st must-answer question
There are 2 answers that you must have to make financing your truck the best experience possible. What happens that goes wrong? What are the answers you need?Mistakes happen because most fire departments mix up the the questions and they get jumbled answers. So they use bad information to make critical decisions.The 2 answers are:What is the best way to finance this truck?Who is the best
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Fire Truck Financing: The 2 must-answer questions
Bad financial decisions don’t just happen, they are born and nurtured by people. People like you. Last week, we looked a 3 traits that become the cause of bad financial decisions. This week will look at 2 more.Trait #4 – Not trusting the authorityWhen you finance a fire truck, you are doing something that most people lack the experience to do well. So, it seems essential to have and trust
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Fire Truck Financing: How bad decisions are made – Part 2
The problem with bad financial decisions is that you never know how bad the decision is until much later. We’ll look at some common traits about how bad financial decisions get made.Trait #1 – Not starting soon enoughIt’s normal to want to put off the boring or scary decisions. It’s fun to engineer and design a truck on paper and it’s not fun to figure out how to pay for it. So, what happens
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Fire Truck Financing: How bad decisions are made
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