Qualities Of Useful Financial Reports
Qualities Of Useful Financial Reports
As an entrepreneur, planning and implementing the accounting system of the business that you hope is going to make you money, it is important that your accounting system must produce information that are going to be useful to you and to those who are reading it.
Keywords:
forex, currency, currencies, trading, invest, wealth, business
As an entrepreneur, planning and implementing the accounting system of the business that you hope is going to make you money, it is important that your accounting system must produce information that are going to be useful to you and to those who are reading it.
How do you do this? Information that a business is expected to present must be:
1. Understandable.
Naturally the information produced must be understandable. A guideline is to provide information that people, who are willing to understand it, can understand it: professionals or nonprofessionals. As a business owner, you have to think of the different accounting backgrounds of the different types of people who will be reading your reports and match that accordingly.
2. Relevant & Material
Relevance is the capacity of information to make a difference in a decision. It is important to report and disclose information that is relevant for anyone to make a decision. Accounting information must also deal with things that are significant enough to impact decisions that are made by those who use your financial reports.
3. Reliable
People must depend that the figures and the facts printed on your financial statements are true. How can you say that an information is reliable? It must be verifiable. Free from error. E.g. you can always look at a receipt to verify the amount of an expense. As you already know, when you get audited, you must verify all transactions that occurred in your business anyway.
4. Comparable & Consistent
Comparability relates to the ability of an information to be compared with those of other similar companies so that decision-makers can compare ‘apples to apples’ not ‘apples to oranges’. However, Generally Accepted Accounting Principles (GAAP) allow for certain choices of different accounting methods for depreciation and inventory management.
5. Conservative
This applies mostly in situations where there is uncertainty of an outcome but you have to estimate what this outcome might be. The key is to choose the less pessimistic estimate. Of course this may not always be a wise decision if the chances of the less pessimistic estimate is very minute as opposed to the other choice(s).
___________
This article was written for OrangesAndLime.com, to help creative individuals — artists, musicians, designers, illustrators and entertainers — build their own freelance businesses. Please note that this article serves as a guideline only. You should still seek professional advice regarding the matter because laws and practices change over time and they differ from country to country.
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Improve Retail Sales Performance With These Sales Coaching Tips
Improve Retail Sales Performance With These Sales Coaching Tips
Your POS system generates key statistics that tell you about your Retail sales performance.
These key statistics are: Average sale, Transactions per hour, Items per sale, Conversion rate, Sales per hour.
But did you know that tracking these statistics on an individual Salesperson basis can lead you to focused clues about improving individual performance. Most POS systems don’t enable you to track individual sales performance or generate individual KPIs (key performance in…
Keywords:
improve retail performance,roster,kpi,retail software,increase retail sales
Your POS system generates key statistics that tell you about your Retail sales performance.
These key statistics are: Average sale, Transactions per hour, Items per sale, Conversion rate, Sales per hour.
But did you know that tracking these statistics on an individual Salesperson basis can lead you to focused clues about improving individual performance. Most POS systems don’t enable you to track individual sales performance or generate individual KPIs (key performance indicators). If they do, they do not allow you to set a Store Sales Goal for comparative purposes.
If your POS system does track these KPIs they can lead you to some very important coaching strategies:
Coaching on Low Average Sale
Salespeople need to create value in the sale by demonstrating more expensive merchandise. This usually requires more skill and more product knowledge.
Customers need to be probed to identify their needs so the Salesperson can match them with the right product. There is no point in launching into a demo unless the needs of the customer are known. This leads to unsuccessful attempts at adding on. Perhaps the sale itself is lost due to inaccurate probing.
If the Salesperson is in a hurry they may not maximise their opportunity to sell. This will usually be characterised by low items per sale and/or high transactions per hour, as well.
Salespeople need to be aware of natural product add-ons such as extended warranties, product customisation and delivery options. Lack of product knowledge again is a cause for low average sale.
Coaching on Low Transactions Per Hour
Salespeople may be guilty of spending too much time with customer and not closing sales quickly enough. This is usually due to a lack of skill or motivation.
You need to identify a specific behavior that is cause the poor performance which may be thing like too much time spent merchandising, taking breaks, smoking, or talking to customers without trying to close the sale.
Converting customer is paramount to increasing transaction per hour.
Approach more customers and try to spend less time with them
Coaching on Low Items Per Sale
Salespeople need to at least attempt to sell more than one item to a customer. Product knowledge and sales confidence are the keys to a successful add on. Lack of sales skill will inevitably result on giving up too quickly or ignoring an opportunity to add on.
Probe customers with broad questions relating to the product they are buying. You may find out something about the customers that leads naturally to the ad on.
Since the customer’s mind is most open to buying prior to making a buying decision on the primary item, a Salesperson who always waits for that commitment prior to adding on may be minimising his/her chances of successfully adding on.
Salespeople are sometimes much to careful about saving a customer’s money instead of trying to sell them more items. If the store is quiet Salespeople need to try harder to ad on. Even if the store is busy, a customer who has already decided to make a purchase is more easy to sell something to than a customer walking into the store.
Coaching on Low Conversion Rate
Lack of probing, skill in selling, product knowledge, and approaching customers is usually the cause of low conversation rate.
In most cases increasing the conversion rate of the store is the quickest and easiest way to increase the sales average. Converting one more customer per period can create a dramatic effect on the sales for the day so Salespeople need to close faster and attend to more shoppers.
Lack of clear and targeted demonstrations and a lack of product knowledge can cause wasted time with Salespeople performing the sale but not closing the deal.
Coaching on Low Sales Per Hour
Usually this statistic is low because one of the other’s is low.
Make sure you are tracking this statistic accurately. If you are measuring sales performance for an individual who is selling for less hours than being tracked this will inevitable show us a low sales per hour.
Summary
Targeting individual deficient sales statistics provides vital clues to Store Managers about the specific area of performance that should be targeted for coaching purposes.
Coaching on the most deficient statistic yields the greatest and quickest results and the potential the biggest improvement in sales performance.
The author of this article has developed a software program used by retail stores to quickly and easily calculate individual salespeople’s statistics.
Guide To Small Business Factoring
Guide To Small Business Factoring
Factoring is becoming a popular yet not so well known tool in the arena of small business. It is an important way of keeping cash flowing through the business when invoices are delayed or accounts receivable are higher than the money in hand. Basically factoring helps you get cash for your business without having that time delay from the time you issue an invoice. They also provide you with collection services and sales ledgers that can be helpful as well. If you are a small …
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Factoring is becoming a popular yet not so well known tool in the arena of small business. It is an important way of keeping cash flowing through the business when invoices are delayed or accounts receivable are higher than the money in hand. Basically factoring helps you get cash for your business without having that time delay from the time you issue an invoice. They also provide you with collection services and sales ledgers that can be helpful as well. If you are a small business owner, then you should consider this guide to small business factoring as a way to fund your business month to month.
How does factoring work? It is easy and yet complicated all at the same time. The factor will generally manage your sales ledger for you while also providing you with colletion services for all outstanding invoices. Typically you will be loaned 80% to 90% of the total amount of the invoice. You will generally receive the money within 24 hours of agreeing to the services of the factor.
Factoring for a small business does cost money, though. Usually there are a couple of different costs you have to consider. A service chare will usually cover the management of your sales and collections. The other charge is a percentage of sales factored as well as an interest charge of some sort on the cash advance the factor is giving you. The interest rates, obviously, will depend on your company’s credit, the credit of the invoiced companies, and the institution you factor through.
No guide to small business factoring would be complete without telling you want to look for in a factoring company. Obviously you should look for a stable financial institution that will be able to support the business. You should also look for good terms and a company you are comfortable working with since there will be plenty of interaction. Finally, you may want to consider a company that will give you internet access to your accounts. You can easily track the ledger, sales, collections, and your factored amounts that way.
It is also important to understand that no two factoring companies are completely alike. While much of what this guide to small business factoring has explained is typical, there are exceptions to most every situation. The best thing you can do for your business with regards to factoring is research the companies you are considering. Think about what you need and what you want and what everyone is offering you.
A guide to small business factoring can never be complete. There are too many ins and outs when it comes to almost any financial transaction. There are also a number of variables involved like current interest rates, your credit rating, reliability of your invoiced companies, and many other things as well. Before you ever agree to a factoring relationship, make sure you understand all terms as well as how long the contract is for and what renewal terms are. Protect yourself and do your homework and you can use factoring as a way to keep your cash flowing.
Sales And Neurological Levels
Sales And Neurological Levels
Logical levels? What is that, you might ask? It is a model created by Robert Dilts, a pioneer in the field of neuro-linguistic programming (NLP) after studying Gregory Bateson (1904-1980). Some believe that Bateson will before long (presumably in the 21st century) come to be recognised posthumously as “another Einstein of the 20th century” or even as beyond him. Bateson part Anthropologist, Social Scientist, Cyberneticist, was one of the most important social scientists of th…
Keywords:
NLP, Neuro-Linguistic programming, sales, educate, motivate
Logical levels? What is that, you might ask? It is a model created by Robert Dilts, a pioneer in the field of neuro-linguistic programming (NLP) after studying Gregory Bateson (1904-1980). Some believe that Bateson will before long (presumably in the 21st century) come to be recognised posthumously as “another Einstein of the 20th century” or even as beyond him. Bateson part Anthropologist, Social Scientist, Cyberneticist, was one of the most important social scientists of this century.
With this background in mind, Dilt’s created a learning model called “Neorological Levels.” My persupposition in this article is that, in the consultive sale you uncover the need. This is the first level in the nuerological levels. If the person you are selling to doesn’t live in the “envorionment” where your product of service is needed, you will not get any further.
Once you have uncovered the “need” for your service. Your customer will start to evaluate your behavior. This is where the skills of rapport come in. Your prospect will evaluate how consistant are you with your method of delivery. This can be real or synthetic as NLP teaches. You can match body posture, tone and tempo and even breathe like they do. But this will only work for small ticket items. When selling as a consultant, your true nature will be revealed. This is where the skilled salesperson is head and shoulders above the rookie. You can’t fake it while your making it. In fake, it is better to lay your cards on the table and let them know you are a rookie. You will then be using this logical level of behavior to your advantage. People by their very nature want to help. They will help you close the sale.
Once you have worked through the first two levels of environment and behavior, you will start interacting with their beliefs and values. If you are positioning your product in alignment with their values, it will fit into their beliefs. The natural salesperson does this by nature. The prospect is using words like challenge, freedom or flexibilty. Each of these words are hot buttons for that person and they also relate to their beliefs and values. You would do well to listen for these words I term Impact words in my book, “Awaken the Genius.”
As you iteract on these first three levels in sales, you are getting to know one another — figuring out if you can do business together.
As you understand this level of learning, you will ask questions to educate and lead the prospect. Hence, to do this, you should be using the ABC of sales. Always be closing. This allows you to know if they have the capacity to make the decision to buy or not. Which is the next level. If they are not the decision maker you should work to empower them to get that person or group involved.
Once you have everyone who will be making the decision involved, it is time to ask the need-payoff questions. This is a series of questions that once the prospect answers them they are identifying with your product or service. Identifying is the next step in the logical level process. If they don’t have the need they will not identify. If they don’t think they or their company can demonstrate the behaviors necessary they will not identify. If your product or service is not in alignment with their values and beliefs they will not identify.
That means, it is your task in the sales setting to get these four specific areas to align and it will move your prospect beyond identifying and they will become part of your sales force — helping to refer family members, business associates and staff members and it all started with the idea of educating, enlightening and motivating them to buy your product or service.
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Jumpstart Your Business with Small Business Camp
By: bizcamp
About the Author:
Harris Diamond on Public Relations
Harris Diamond, CEO von Weber Shandwick and constituency management parliamentary group of the Interpublic Group OF Companies, describes its experiences as F
Retailing To Recruit
Retailing To Recruit
Having more retail customers ordering from you week after week, month after month, year after year creates that residual income we all want.
Keywords:
mlm, network marketing, ebook, mentoring, coaching
We’re all aware of how difficult it is to find business builders.
This can be tough…Even with the best recruiting techniques.
For me one of the better ways to find business builders is to Retail to Recruit.
Personally I think your MLM business should be made up of 75% retail customers and 25% business builders.
Why?
Having more retail customers ordering from you week after week, month after month, year after year creates that residual income we all want. Plus you now have an army of customers that are spreading the word about your products. People will talk more freely about products that are doing well for them, then they will about a business opportunity.
In one case people feel they are sharing, in the other they feel like they are selling (guess which one?).
When people talk about products they’re sharing an experience, when they’re talking about a business opportunity they feel like they’re selling.
In my company we make great money with retail sales and business builders. Personally It’s easier to find retail customers than business builders, plus your income is generated faster. (of course that depends on your pay plan, for example I get paid every week with ours).
Let me ask you a question.
Do you think it’s easier to introduce the idea to someone who is in love with your product/service they can have their own business or to someone who has never tried your product or service?
Kinda of a dumb question, because I know you know the answer.
Once someone has been using you product for about 30 days or so. And before I go on I trust you have been in contact with your customer to see how he/she likes using your product. More importantly have they used your product at all.
You would be surprised at how many people will buy a product and not use it.
If you do come across someone who has not used your product don’t say “WHY NOT”.
Tell a story.
For example, lets say you sell product XYZ and you called a customer and they have not use it yet.
Me.. “Hi Bob, this is Duffy how do you like XYZ?”
Bob.. “Oh I have not tried it yet it’s still in the box, no time to busy”
Me.. “I can relate to that Bob. When I first started taking XYZ I started noticing a difference after only 3 days, I could fall asleep faster and I woke up more refreshed and with more energy and I am getting the same feedback from my other customers as well. I’ll give you a call in few days and see how you’re doing. Talk to you then, have a great night.”
I did not challenge him, I accepted his excuse and I went on to tell him a story of how XYZ has helped me. Do you think he is going to leave your product in the box for one more day…I doubt it.
But even if he does, just keep telling stories of the things XYZ is doing for you and others
However, if your customer has not tried your product after 2 or 3 phone calls (5 or 7 days). Personally I would offer them a refund. With that the customer will either say no and try your product, or they will accept your offer. If so, great, either way it’s a win-win.
If this person lived in my city I would go over and pick up the product. It’s not doing him or you any good just sitting there. It might as well be given to someone who will use the product.
Ok, it’s been 30 days or so since your customer has been using your product and they love it, what now?
The next time you talk to a customer you can say something like this:
According to my records, it’s time for you to reorder. How would you like to save up to $10 off your next purchase? For every name you give me of someone I can send a brochure to, I’ll give you $1 off up to $10. Is that fair?
Or
If they are internet customers you would be offering them a $10 rebate after they place their next order. Simply tell them after you get the contact names and confirmation of their next order you will send them a check in the amount owing. The above is for local customers that you are personally delivering your product to.
This is a great way to get warm leads.
Then you take a flyer or brochure about your product. Put a yellow sticky note on it and say Hi “Sally” Mary Jones has been taking this product and feels great and thought you might be interested. Your name, your address your phone number.
Then, after you mail the info to the referrals, you call them in a few days. And say:
Hi Sally. This is (your Name), You don’t know me but Mary Jones asked that I send you a brochure. Did you get that brochure? Listen, our product is helping a lot of people around the country–it’s helped Mary.
The product is less than a dollar and a half a day and it’s got 100% money back guarantee. Would you like to try it or do you know anyone who’d like to try it?
(I used what it costs to use my product each day for the above example, replace that with the break down of your products cost per day).
Now it’s been about 2 months after your original customers first purchase. Depending on your products user rate you may have talked to them as little as 2 times, but that’s ok.
Now say something like this:
Hello _______ How are you doing?
Have you experienced any additional positive results with your product?
Listen, I can’t offer you a discount this time. “4″ of the people of the “10″ names you gave me are on the product and they’re loving the product. They’re going to reorder the product. Would you like to supply them and make the profit or would you rather I supply them?
If they say they would like to earn the profit, they have just given you permission to show them your presentation.
You’re now retailing to recruit.
Until next time.
To Your MLM Success
Duffy Rogan
Surety Bonds with Low Premium Rates to Credit Worthy Applicants
Surety Bonds with Low Premium Rates to Credit Worthy Applicants
Great Surety Bond rates for good credit and good solutions for surety bonds with bad credit. All surety including surety bond, contractor bond, performance bond, insurance bond, court bonds, erisa bond, construction bonds, license bond etc.
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Surety Bonds with Low Premium Rates to Credit Worthy Applicants
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Among the features of the recently reformatted site is the Newly Required Bonds section. Currently listed is the California License Bond increases to $12,500 effective 1/1/2007, the New $25,000 Colorado Mortgage Broker Bond and the South Carolina Motor Vehicle Dealer Bond Increase to $30,000. The site not only displays the new bond information, South Coast Surety also provides some of the lowest premium rates written for these and many other surety bonds.
Although South Coast Surety is located on the west coast, it proudly services the entire nation. Whether it is the thousands of tax preparer bonds, contractor license bonds, motor vehicle dealer bonds or any of the hundreds of bonds issued on a regular basis, South Coast Surety’s staff has the knowledge and experience to take care of all surety requirements. If a specific bond type is not on our site, just ask us about it.
South Coast Surety provides surety bonds with low premium rates to credit worthy applicants and has good solutions for applicants for surety bonds with problem credit. All Commercial Surety Bond applications are approved. For more information in regards to South Coast Surety’s bad credit surety bond program go to: http://www.southcoastsurety.com/bad-credit-bond.htm
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