Business

Business Tips & Info

Getting a Financial Picture


If you want run successful business you should have real financial picture of a business. Accurate, up-to date records are very important for every aspects of your business. It's certainly not fun, but without accurate records, you simply cannot run a successful business. It is much easier to deal with various tax departments of government or with your banker if your records are complete and comprehensible.

Good records will improve your control of cost, help you keep track of your own operations and they will also tell potential lenders or investors about your managerial capabilities. Your accountant can help you set up your records and books or you can do that by yourself. Whether you choose to do, make sure you know what to record.


Managing a small business or a large corporation, remember, fundamentals are the same:

Collect your money as quickly as possible.

Keep track of all received business documents.

Control your purchases and payments.

Keep track of cash or other payments received from your customers.

Store important business records in a safe place (fire-proof lockable cabinets or bank safe).

Keep track of all business transactions.


"SUCCESS OF YOUR BUSINESS IS DIRECTLY RELATED TO HOW WELL YOU USE YOUR RESOURCES." ~ wwww.romwell.com

Financial planing is similar to planing a vocation. You must ask yourself basic questions:

1. Where are we going?

2. What will it cost?

3. How are we going to get there?

4. How are we going to pay for it?


SOURCES OF FINANCING

Once you have listed the start-up costs and operating expenses for your business, you need to look at sources of financing, and then select the source that best suits your business needs. Find out more... >>>


DETERMINE COST

It is essential to determine the costs of starting your venture and know how much capital is required before you begin. Your financial planing will serve you better and prove your professionalism when you go out in search for financing. It is good idea to prepare BEST, WORST, and MOST LIKELY case scenarios. Learn more... >>>


PROJECTED INCOME STATEMENT

Projected Income Statement is a financial document prepared by you or your accountant, it helps to predict expenses and revenues for the first year. Try to answer:

1. What are your predicted sales for first year?

2. How much it will cost to produce your product or service?

3. How much are your other operating costs?

4. Which of your operating expense allow you to be flexible (advertising, salaries, etc.)?

5. What profit or loss you expect?

Push the Positive

Negative phrasing can be damaging in your marketing campaign and advertising project, silently destroying it from the inside. When you are designing marketing campaign and advertising for your business, stress the positive, not the negative. You'll gain far more customers and new business that way. Although this has been proven time and again, many businesses keep right on sending negative ads to their customers and prospects, and most do it without even realizing it. Learn more...



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Did You Know?

Marketing a new product or service is very challenging, because billions of dollars are spent regularly developing and launching new products and services all over the world.

Market failure is the most common reason for a product or service to fail. The other common failures are: financial failure (when product or service doesn't make any or enough money, cost of production and implementation of the service have not been sufficiently thought out in the specification stage, waste of time, etc.); organizational failure (poor management, miscommunication, lost productivity, failure to innovate, poor or bad collaboration, etc.) technical failure (when it doesn't work properly, wrong concept, poor implementation etc.) and political failure (when the source of failure is action by the government). Find out more...