General Finance

Finance Tips for Large Businesses

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Big businesses have big processes, procedures, and outputs. Even so, there are small things that a business can do to improve their financial standing.

Cut waste. Look at your processes. Ask each department to look for inefficiencies. Are there changes that would make your processes run smoother and more efficient? Are there ways to use technology to reduce printing and mailing costs? Can you do things electronically instead?

Rent vs. buy. Is it financially better to lease equipment or machinery? Check cost savings for renting items such as cars, copy machines, and even cell phones. Would it be better to rent office space than buy your own? Could you move into a smaller office to save money?

Review inventory. Other financial tips are to take a look at your inventory. How much do you keep in stock? See how long items sit on the shelf and quickly they are sold. If the turnover is low, it is wiser to keep less on hand because your monetary funds will not be tied up in products that are sitting around waiting to be purchased. Review your product lines to see if there are products that are not selling well and eliminate those that aren’t.

Check your customer service. Happy customers are just as important to big businesses as to smaller businesses. Even big businesses lose revenue if they have unhappy customers.

How is it being handled? Is it efficient? Are customers satisfied with their service? Are problems resolved quickly?

Filed Under: General Finance · Tagged With: Business, Customer, Customer service

American Small Businesses

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Small businesses are the heart of the American way. They are the beginnings of the entrepreneurial spirit that has allowed us to enjoy and rich and thriving quality of life as nation. They take a lot of hard work, ingenuity, and a plan. Many of these small businesses fail for one reason: a budget was not in place. This means that they were not able to operate within a set amount of income and, as a result, had to close their doors.

Making a Small Business Budget Work

Making a small business budget work is not as simple as it sounds. The main reason is that when a business is starting out, there is usually no revenue. This means that loans and financing is what is carrying the new company until business begins to roll in the doors. For many, this can take months. If the business is not what the public desire, it might not succeed from the very beginning. This is the case with restaurants, furniture stores, and other types of industries that are economy sensitive for consumers.

One of the best options for people who are beginning a business and are finding that they need just a little bit of money to get them by for a few days is a payday loan.

This is a great way to hold over until the money begin to come in on a regular basis. Taking the time to investigate emergency options like this is a great way to alleviate much of the stress associated with small business finances.

Filed Under: General Finance · Tagged With: Small business finance

Searching for Investors

Finding investors in your company can be a daunting task. The question of where to start can be a tough one to answer. The first step is making sure that you have money to work with in order to keep the doors open while you present to investors.

Companies like GreatPlainsLending can provide the line of credit you need while you are searching. When you are getting ready to talk with investors, make sure your presentation skills and communication skills are finely tuned. You are the absolute representation of your company, and if you have a difficult time communicating about your company, investors will be concerned about their investments. There are some other things to consider when looking for investors, like the following:

If you are pitching an invention to a company, look for a patent. There are patenting offices in nearly every county. However, one little known fact of guaranteeing the idea of intellectual property is having a post office date stamped on an envelope, but this is a temporary fix.
Make a list of companies that may be interested in your company, or expand with the people you currently know. This is a good time to reconnect with people that you have worked with already.
Get your funding established to keep you floating until your company is set with investors. This is used for more than just operating costs; this could include travel expenses as you go to present to companies in other areas.

The final piece of advice is to have a plan. Be prepared to deal with these potential investors by understanding all the details of your idea or company. This will give them a sense of security and possible return when speaking with you. Remember, these companies are looking to make more money, receive publicity, or be a part of something that will increase their company’s positive reputation.

Filed Under: General Finance · Tagged With: Company, Investor, Patent

Who to Hire

Everyone in the world wants a job, or at least needs one. Given that there are more people than jobs, especially right now, employers have the blessing of having lots of applicants to choose from for a job. Who to hire can be a tough question. Many applicants may be qualified, but who will do the job better? Who will get along with co-workers the best? Who can take directions? Who would make a good manager someday? These are all important questions to keep in mind when reviewing applicants for a position.

Experience is always nice, but much of it doesn’t transfer from job to job. A technician may only know how to work his last company’s products, and will need extensive training to work on yours. A customer service representative may know how to be courteous, but knows zilch about your company policies. Hire people who are trainable and learn well.

It’s important to also remember that in a way, an applicant holds the power; he’s sort of hiring you. You’re looking for someone to do an important job. You need someone who can work hard, get the job done, and be amiable about it. By extending an offer of employment, you are, in fact, saying “pretty please?”

Hiring the wrong person can be a very costly mistake. You have to put up with them if they’re unpersonable. You have to supervise them if they can’t or won’t do their job right. You can always fire them, but that can be expensive and nasty. It’s better just to get it right the first time and choose carefully who you hire.

Filed Under: General Finance · Tagged With: Business, Employment, Job Search

Profiting from Profits

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Business are in business to make a profit. It is sort of a no-brainer. People work for money, and a company cannot survive without turning a profit so that they can continue to do business. So what can a company do to ensure that they continue to prosper?

These are just a few tips on running a profitable business.

Cater–remember that “supply and demand” lesson from high school? A company or individual needs to be supply a good or a service that people are demanding (get it?). This is most important. Without customers wanting your products or services, you’re just spending money and not getting it back. Profits is what you’re aiming for, remember?
Pricing–If you’re selling brake pads and you’re manufacturing them for $9.34 each, you need to be making more than $9.34 when you sell them. Take into account cost of parts, labor wages, and competitors’ prices. So, your parts cost $6, you have to pay the worker $2.14 for his time building the brake pad, and it costs $1.20 for the tools used. $11 gives you a profit of $1.66. BUT, your competitor is selling his for $16. You can sell yours for $14.99, gain more business since yours is less expensive, and make a nice profit of $5.65. Well done.
Justified Costs-Among the manufacturing and labor costs, you’re going to have to “spend money to make money” as the saying goes. Advertising, shipping, benefits for your workers; it can add up. But, spending is okay as long as the expense is justified. Advertising brings customers, shipping delivers products, and benefits attract good employees and keeps them happy and working hard.

Filed Under: General Finance · Tagged With: Brake pad, Business, Wage

You Will Receive Training On…

As much as the line “They’re looking for someone with previous experience” gets tossed around, it is not always true. Humans can learn anything andmany employers prefer a “blank slate” candidate who they can teach a skill their way. That way, they don’t have to contend with another style or any preconceived notions.

Every business requires some training of their people, whether it be reading over a policy packet and signing that you understand and agree to them, or undergoing years of skill-building. For employees, it is important that you learn the things that your employers are teaching you, but also keep your own head and common sense.

For employers, it is important to remember that a) you have to believe in the people you’re training. They are an investment, and burning them out doesn’t help either of you. Also, make sure that you are training them on the things they will really need to know and also that you are giving them enough training. For example during World War II, American paratroopers received two years of training before seeing action. At the end of the war, new paratroopers were receiving a fraction of that, and suffering high casualties in action because of it. Make sure your people know how to handle any situation that they will be responsible for.

There is nothing a person likes better than having a leader who is a mentor and friend and is teaching them skills they will need. There is nothing a leader likes better than having a team who works well together and gets the job done. With the correct training, anyone can accomplish that task.

Filed Under: General Finance · Tagged With: Training, United States, World War II

Four Little Known Secrets for Business Success

From the outside looking in, the secret to business success can seem mystifying. Those working on the inside, however, often think that these little known secrets amount to little more than the smart ways to do business. Follow their example with these four little known secrets for business success to help your company grow.

Secret #1: Sharing Information is Smart

Once upon a time, business success was all about keeping secrets, even from co-workers. That cutthroat mentality won’t get you anywhere these days. Businesses have developed a more effective sense of community that allows professionals to work together so that they can accomplish goals without stabbing each other in the back.

Sharing information for the good of the company starts small. Use Google Calendars or some other online calendar service that allows your team members to share schedules with each other. This can make the whole office more efficient. Instead of going from person to person to find out when they are available, you just login and look at the online schedules.

Sharing contact information can also help your company reach its goals. Treating clients like pieces of well guarded territory doesn’t make sense in today’s business environment. Professionals have to work together to satisfy their clients.

Secret #2: Use Technology That Makes Your Business Efficient

You might have heard that giving employees Internet access encourages them to waste time at work. Give your professionals more credit than that. When a business’s professionals have Internet access, they can take advantage of the latest technology that makes them more efficient.

For instance, your office can drastically reduce time spent on paperwork by signing documents electronically. Instead of waiting for documents to travel back and forth between offices, you can have them signed online. You can even track documents online to make sure everything has been signed by the right parties.

Secret #3: Use Mobile Apps

Don’t confine work to the office. Instead, use mobile phone applications that allow you to take care of simple tasks no matter where you are. Best of all, there are plenty of free apps that can make your business run more efficiently.

Some of the top free apps to consider include Yahoo! Finance, Active Strategy Mobile, Salesforce Mobile and SiteCatalyst. These mobile phone apps allow you to make informed business decisions whether you are in your office or stuck in traffic.

Secret #4: Find a Balance Between Your Work and Free Time

Today’s professionals don’t want to spend all day in the office. They want to work hard and efficiently so that they can enjoy their free time. Finding a balance between your professional and personal life can take some time. Encourage the professionals at your company to make time for their friends, families and personal interests. This will prevent them from feeling tired and worn out at work. That way, they perform better at work.

These four little known secrets for business success can help any company improve its performance. As technology continues to develop, new strategies might make it even easier for your business to function efficiently. What are your secrets for staying ahead of your competitors?

Filed Under: General Finance · Tagged With: Business, Internet access, Small business

On Being a Good Manager

Whether it is a Little League team, a platoon of Marines, or a stock trading conglomerate, good management is necessary for succes. People say “management” because it sounds like savvy business lingo, but the real word is Leadership. Leadership is more than just bossing people around or “delegating” unfortunate jobs onto inferiors. It is taking the lead, making your team or group work effectively and accomplish goals and fulfill responsibilities.

Leaders should be looked up to. They have to set an example, and always be on their best behavior. If the new guy is slacking off or breaking rules, it’s one thing. If the leader is slacking off or breaking rules, moral and productivity will both plummet. Michael Scott from The Office is not the kind of leader to aspire to being. Be like Major Dick Winters instead.

A word on delegation. Leaders have to delegate. They don’t have enough hands or time to do everything themselves. However, it’s important that leaders (or insert managers) lead by example. Save the dirtiest job for yourself. That sales call no one wants to make? It’s yours. Digging through the trash for the customer’s lost retainer? Yours. Now, there are times when your subordinates will need experience in dirty jobs so they can learn it. Do it first, or do it with them, teach them. You’re in charge of taking care of these people, both by caring for them, teaching them, and getting them to do their best. Attitude reflects leadership, so work in a way that will leave your employees or followers healthy and happy.

Good leadership makes or breaks a company, army, or any other organization. Remember, leaders serve their people.

Filed Under: General Finance · Tagged With: Leadership, Michael Scott, Office

How to Get Hired

While we’d all like to sit on a beach drinking fruity drinks and listening the waves crash, the rough truth is that beach chairs cost money, drinks cost money, spiffy hats cost money, and so do phone bills, car insurance, food, and electricity. We have to work. But that’s okay; studies have shown that people are happier when they’re working on something. The important thing is to be paid for something that you like to do. Then you can enjoy yourself and make money: huzzah for win-win situations. Now, how to get hired at that job you want.

There are hundreds of people who will tell you how to dress for an interview, what to say and how to say it, how to impress an interviewer, how to climb the corporate ladder, etc etc. Here’s a simple rule though: be honest with whoever is doing the hiring. Tell them how much you want the job, and why. Good employers can spot dedication when they see it and if you show them that you’re going to be a good worker, you’ll be a shoo-in.

Being willing to learn is another big thing. People can learn anything. Be candid. If they want someone who knows their way around Photoshop and you don’t know a mask from a monkey wrench, tell them that. But follow it up with a sincere statement that you’re willing to learn. Employers want people who will do things their way. You may be a blank slate, but you can impress on them how you can learn and are looking forward to receiving training.

Don’t be afraid of failure. If you give it your all and still get the “we’ve decided to go in a different direction” email, go find someone else in the same field, or another one that interests you. If a job exists, it’s because somebody wants what it produces. Keep your chin up and keep trucking.

Filed Under: General Finance · Tagged With: Company, Employment, Photoshop

College Kid Finances

Alright, so you made it to college! You’ve heard the stories of poor, straving students, but that’s not you. You’ve got a nice dorm room with some chill roommates, a car, a Xbox 360, and everything else a 19-year-old needs. This works, but only when Mom and Dad are footing the bill. Sooner or later, you’re going to have to manage your own finances.

The thing about money, is that there will also be more for you to get, as long as you’re willing to work for it. College can be tough, because you’re spending money like crazy for a place to live, books, school supplies (which probably means a computer too, right?) various types of insurance, and the worst part is: you can’t hold a full-time job because you’ve got classes to attend! College means surviving with increased expenditures and decreased income.

But it can be done. Part of it is mindset: you’re getting training in school, knowledge and skills you’re going to use after you graduate. It’s okay to go into debt for something like that. BUT…debt is your worst enemy. It’s that creepy street you had to walk down to get home from school: deal with it as little as possible and get out quickly. Credit cards can be nasty business if you let your wallet run away from you. Don’t spend on it if you don’t have the actual cash for it.

Work hard. Even with the economy in trouble, there’s plenty of jobs available for people who are willing to work. Maybe you will still need to rely on Mom and Dad a bit, but you can certainly do your part and help out with the finances. Work out a system with your parents: maybe you pay for books and they cover rent? Or you pay tuition and get good grades and they cover things like groceries, phone bill, etc.

It’s the key to everything: work hard and spend carefully.

Filed Under: General Finance · Tagged With: Dormitory, Full-time, Mom and Dad