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Add You - Make Friends With Your Financials - 10 Ways To Think About Numbers
I love the reality TV show American Idol. And probably not for the reason you think. Yes, it's entertaining to watch all those very bad singers get up and act as if they're the next Kelly Clarkson.But that's not why I love it.I love it because it's a show about people who have a dream and are willing to do whatever it takes to
7. How do your everyday activities affect your bottom line? Do you budget for your marketing activities? Are you aware of how much you spend for networking events, client luncheons, membership dues, trade show attendance, conferences, etc? Are the expenses for these items over or under budget? One line item can make the difference between profitability and loss.
<Sooner or later, the interview invitation is going to say you are required to give a presentation as part of the selection process. And like most people you may dread having to do it. You may think that you cannot speak publicly because of nervousness but all good speakers are nervous, and you can overcome those nerves.What you can do is cont
1. How Profitable is your Company? Look at your Balance Sheet and find the Retained Earnings number. This cumulative figure records all the income and losses incurred since the business was started. It is adjusted annually.
2. What is your Gross Profit in $$’s and in percentage? Watch this number closely. Even small variations month to month make the difference in profit or loss for the month.
3. Do you understand Gross Profit and Mark-up are not the same? If you mark your services or goods up 50% your gross profit will only be 33 1/3%. Don’t count dollars of profit that are not there.
4. Do you have Inventory? Comparing your gross profit month to month will alert you to unusual variances in your net Inventory.
5. What are your Net Expenses? Are they consistent month to month? By recording your expenses on a spreadsheet you will be able to spot variations that lead to problems.
6. What areas need improvement? Reviewing numbers monthly permits you to make adjustments in any area of your business that is not performing to your expectation. Inspect what you expect.
7. How do your everyday activities affect your bottom line? Do you budget for your marketing activities? Are you aware of how much you spend for networking events, client luncheons, membership dues, trade show attendance, conferences, etc? Are the expenses for these items over or under budget? One line item can make the difference between profitability and loss.
In a recent marketing workshop I attended, I discovered that most business owners rely on just two or three strategies to attract new business. Even well-established companies tend to rely on one or two strategies. However, there is a multitude of ways to drive new business to your door. Here are a few:Networking. Perhaps the most commonly us
1. How Profitable is your Company? Look at your Balance Sheet and find the Retained Earnings number. This cumulative figure records all the income and losses incurred since the business was started. It is adjusted annually.
2. What is your Gross Profit in $$’s and in percentage? Watch this number closely. Even small variations month to month make the difference in profit or loss for the month.
3. Do you understand Gross Profit and Mark-up are not the same? If you mark your services or goods up 50% your gross profit will only be 33 1/3%. Don’t count dollars of profit that are not there.
4. Do you have Inventory? Comparing your gross profit month to month will alert you to unusual variances in your net Inventory.
5. What are your Net Expenses? Are they consistent month to month? By recording your expenses on a spreadsheet you will be able to spot variations that lead to problems.
6. What areas need improvement? Reviewing numbers monthly permits you to make adjustments in any area of your business that is not performing to your expectation. Inspect what you expect.
7. How do your everyday activities affect your bottom line? Do you budget for your marketing activities? Are you aware of how much you spend for networking events, client luncheons, membership dues, trade show attendance, conferences, etc? Are the expenses for these items over or under budget? One line item can make the difference between profitability and loss.
<Two recent studies indicate that neither B2C nor B2B marketers are using e-mail marketing effectively in spite of its inherent qualities. Forrester found 62 of 63 campaigns lacking and E-Mail Data Source found a boat load of issues with 355 retailers they studied. It looks like e-mail marketing is much easier said than done.Forrester created
3. Do you understand Gross Profit and Mark-up are not the same? If you mark your services or goods up 50% your gross profit will only be 33 1/3%. Don’t count dollars of profit that are not there.
4. Do you have Inventory? Comparing your gross profit month to month will alert you to unusual variances in your net Inventory.
5. What are your Net Expenses? Are they consistent month to month? By recording your expenses on a spreadsheet you will be able to spot variations that lead to problems.
6. What areas need improvement? Reviewing numbers monthly permits you to make adjustments in any area of your business that is not performing to your expectation. Inspect what you expect.
7. How do your everyday activities affect your bottom line? Do you budget for your marketing activities? Are you aware of how much you spend for networking events, client luncheons, membership dues, trade show attendance, conferences, etc? Are the expenses for these items over or under budget? One line item can make the difference between profitability and loss.
<The idea of starting your own business in your 50’s may seem daunting but making your passion a career and becoming your own boss can be an enriching experience. It may surprise you that a good percentage of entrepreneurs are currently 50 years of age and older.Before considering taking this major leap it is important to weigh your options a
5. What are your Net Expenses? Are they consistent month to month? By recording your expenses on a spreadsheet you will be able to spot variations that lead to problems.
6. What areas need improvement? Reviewing numbers monthly permits you to make adjustments in any area of your business that is not performing to your expectation. Inspect what you expect.
7. How do your everyday activities affect your bottom line? Do you budget for your marketing activities? Are you aware of how much you spend for networking events, client luncheons, membership dues, trade show attendance, conferences, etc? Are the expenses for these items over or under budget? One line item can make the difference between profitability and loss.
<Q: I started my business about a year ago and everything is going fine. We're growing and making a profit, but the stress of running the business is really starting to get to me. I spend more time worrying than working. Sometimes the pressure is almost more than I can take. I'm starting to think that I'm not cut out to run my own business. Do you ha
7. How do your everyday activities affect your bottom line? Do you budget for your marketing activities? Are you aware of how much you spend for networking events, client luncheons, membership dues, trade show attendance, conferences, etc? Are the expenses for these items over or under budget? One line item can make the difference between profitability and loss.
8. Do you analyze your income line items? What makes up this figure? Did you record all earnings for the month?
9. Does the Cash in Bank figure on your Balance Sheet accurately reflect your bank statement? The ending balance on your bank statement equals Cash in Bank on your Balance Sheet. Do you record all interest paid, bank fees, merchant charges?
10. What are the key numbers that drive your business?
Every industry has different benchmarks. Identify which numbers are important to the profitability of your business. Monitor them for an ongoing snapshot of how you are doing. Be sure the measurements you monitor are aligned to your company’s strategic business goals as well as individual performance goals.
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