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Add You - Do You Have Real Control Of Your Business
Every business stores items in boxes or drawers. Most businesses have a plethora of storage containers stacked on shelves and, perhaps seldom have to locate these stored items. But when an employee needs to locate one of the items in storage, can it be found quickly? After all, time is money.Usually, the employee stands in front of a stack of storage containers wondering, "What is in the storage container…or the one underneath?" Time is wasted pulling down containers only to find that the critical object is not in that container but in some other unidentified container. How can this problem be alleviated? It's simple, easy and affordable! A label printer can resolve this dilemma efficiently.By using a label maker, like the Brother PT-65 or one of the many others readily available, each and every storage container can be clearly marked with the contents. A label printer like th
backlog = overdue orders = back orders
sales = revenues = turnover
cost of goods sold = cost of sales
gross profit = trading profit = contribution
operating profit = trading profit = PBIT = EBIT = surplus = EBITDA(sometim
Often in franchising companies a franchisor will spend 80 percent of their time helping 20 percent of their franchises. The allocation of the franchisor’s labor will be disproportionate and in effect on fair to the superstar performing franchise outlets in the franchising system. There are also times when a franchisee will have needs that our way beyond the call of duty and those requirements of the franchisor in the franchising agreement.It is for this reason, especially with our international franchises that I decided to add a clause into our franchise agreements, which protected our cash flow and time management all of our consultants, employees and staff. Below is a copy of the clause that I put into our franchising agreements;4.4 Advisory ServicesFranchisor may provide, as and to the extent required in Franchisor’s judgement, a continuing advisory service, which
To run your business effectively it is essential that you have the right financial and other key performance indicators provided to you – regularly and you need to remember that (regardless of what others may think) this information is there simply to help you run the business.
You must therefore ensure you get it in a format, a level of detail and using terminology that you are happy with.
Accountants, just like most professions, make their activities appear more complex and difficult to understand than necessary - I think it must be some form of self-preservation activity that we all have!
So let's start with the terminology:
Each of these terms mean exactly the same thing:
orders = bookings
order book = backlog
backlog = overdue orders = back orders
sales = revenues = turnover
cost of goods sold = cost of sales
gross profit = trading profit = contribution
operating profit = trading profit = PBIT = EBIT = surplus = EBITDA(sometime
Keeping track of the evolving world of storm water regulations can be daunting tasks for industries that must adhere to these changing regulations. Adapting storm water programs and products that are approved to address specific area of pollution is an ongoing operational requirement.The statues on the municipal level might impose stricter standards and schedules for industrial and municipal storm water control that are geographically specific.However the national standard is consistent and is known as the National Pollutant Discharge Elimination System (NPDES). The permitting program controls pollutants discharged into surface water such as lakes, ponds, streams and even the ocean.Phase I of NPDES was designed for cities with populations of more than 100,000. The NPDES also targeted large industrial and construction sites. The statues required that industries and co
To run your business effectively it is essential that you have the right financial and other key performance indicators provided to you – regularly and you need to remember that (regardless of what others may think) this information is there simply to help you run the business.
You must therefore ensure you get it in a format, a level of detail and using terminology that you are happy with.
Accountants, just like most professions, make their activities appear more complex and difficult to understand than necessary - I think it must be some form of self-preservation activity that we all have!
So let's start with the terminology:
Each of these terms mean exactly the same thing:
orders = bookings
order book = backlog
backlog = overdue orders = back orders
sales = revenues = turnover
cost of goods sold = cost of sales
gross profit = trading profit = contribution
operating profit = trading profit = PBIT = EBIT = surplus = EBITDA(sometim
If you are in business, you will eventually offend a customer, or at least fail to meet the customer's expectations. Now that the damage is done, what is the most effective way to deal with the complaint and keep the customer?Step 1. Identify with the customer. Never take a customer complaint lightly. Rather, do your homework and make sure that the customer understands that you genuinely care and that you want to do the right thing. Doing the right thing, however, doesn't always mean giving customers what they want; it means making sure you do your best to get both sides of the story and respond appropriately.One of the best ways to identify with a customer is to ask yourself, "If this had happened to me, how would I feel? What would I think the right thing to do would be?" If you're truthful with your answers, and you respond accordingly, the odds improve that your customer w
You must therefore ensure you get it in a format, a level of detail and using terminology that you are happy with.
Accountants, just like most professions, make their activities appear more complex and difficult to understand than necessary - I think it must be some form of self-preservation activity that we all have!
So let's start with the terminology:
Each of these terms mean exactly the same thing:
orders = bookings
order book = backlog
backlog = overdue orders = back orders
sales = revenues = turnover
cost of goods sold = cost of sales
gross profit = trading profit = contribution
operating profit = trading profit = PBIT = EBIT = surplus = EBITDA(sometim
Public relations (PR) agencies represent about half the total public relations budget of most companies. It is important that you hire a public relations firm that understands your financial prudence and has a working knowledge of your business. A public relations firm on same wavelength as your business needs, with independent thought processes, goes a long way in establishing a positive image of your company. The hiring process essentially involves preparing for the search, short-listing the aspirants, presentation by the firms and starting the relationship.Preparing for the Search:• Assembling the Team: Assign staff members for handling administration, scheduling and communication with the agencies. Employ a review team, consisting of staff members who work closely with the agency, such as, key brand manager, HR-VP or finance officer. They along with one or two internal cli
So let's start with the terminology:
Each of these terms mean exactly the same thing:
orders = bookings
order book = backlog
backlog = overdue orders = back orders
sales = revenues = turnover
cost of goods sold = cost of sales
gross profit = trading profit = contribution
operating profit = trading profit = PBIT = EBIT = surplus = EBITDA(sometim
You’ve got your business idea, got the time to start the new business and your entrepreneur spirit is fired up but you need money and are off to the bank or a friendly angel investor with your business plan. Wait before you do, make sure that you have included this information.Business Models and Strategies: Ensure that your business is well structured and follows a recognized business model. Ensure that your business strategy for the next 3-5 years are well defined. This gives a potential investor confidence in your business ability and structure.Market Research: You must fully demonstrate that you have a detailed understanding of the market you will be selling to. How big it is, what the trends are and the people who will want to buy from you.Product Information: Define what your product range will consist of. Your price points a
backlog = overdue orders = back orders
sales = revenues = turnover
cost of goods sold = cost of sales
gross profit = trading profit = contribution
operating profit = trading profit = PBIT = EBIT = surplus = EBITDA(sometimes)
earnings(sometimes) = EBT = PBT = net profit
debtors = receivables
creditors = payables
stock = inventory(sometimes)
cash = liquidity
work in progress = work in process
- and there are many more*
So you need to get in your helicopter and take control – you’re the boss. Decide which accounting terminology (finance-speak) you wish to adopt and then make everyone, including your auditors, stick with that in everything you, and they, do.
The next thing you need to be clear about is the information you need and the way in which you want it to be presented.
All the figures you see in a set of accounts are, by definition, historical but what you need to do, of course, is look to the future. Running a business successfully is much more about looking at trends rather than absolute figures and you need to track key financial information month on month, year on year and against budget to really see the direction the business is going in. It is so easy to get bogged down in th
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