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Write You - 9 Secrets To Making Laser-Accurate Financial Decisions
The New Year is almost here and most of us are thinking about how we might be healthier, happier, wealthier and more productive. Here are my suggested resolutions to help you accomplish these goals.For Bookkeepers:Re-educate yourself – there is always something new to learn. See if your company offers education reimbursements and apply for them. You might want to consider non-bookkeeping type classes as well, such as classes in communications, organization, managerial skills and computer training.Organize yourself- the best way to be more productive. Start with your workspace and then move on to your work day. Ask your boss to fund the purchase of a Day-Timer or other similar organization tool and use it every day.Get Certified – a sure career booster. By earning a certified bookkeeper designation you will bring added value to your resume.Think about specialization – as in most p
These tools are designed to provide you with many answers to your questions
Secret #3. Gather ALL the Data,
In order to make a successful financial decision you will need as much data as you can use effectively. You will need to quantify the costs and benefits so that a rational decision can be made easily. The best way to do this is to convert them
You may have an ad that’s barely holding it’s own and not even know it. But there is a simple test. Make a copy and ask for feedback from employees, friends, relatives and total strangers. In fact, the last group is best because they will be the most honest. If you have a store, it’s pretty easy. Post the ad at the front counter and ask your customers to fill out a form explaining you need to find out what they would change in the ad in exchange for 10% off their next purchase. Therefore, assuming they gave their response, you now know that everyone hates your headline. So what do you do?First, realize why they disliked it. Did you just put your name out there, big and bold? Shame on you. Unless you’re Wal-Mart or Microsoft, how important is Smith Carpet Cleaning? Or, are you “Qualified,” or “Low-Cost,” or “Reliable,” like everyone else? What is it that will grab the reader’s attention? You would be better off sa
Secret #1. Think Widely on Options to Solve the Problem
It is a waste of your time if you make decisions without canvassing ALL the options. How can the business be served well if you haven’t bothered to think of all the ways to solve your financial problem?
For example, if you are required to find a replacement for an aging computer system or factory plant item, what options would you think were available? What questions would you ask?
- Replace with a comparable item?
- Repair, upgrade, refurbish or maintain the current item?
- Purchase new/second-hand item with more capacity and increased output?
- Will the customers still be there for the outputs of the new equipment over its life?
- Will the company’s direction still provide a need for this asset over its life?
- What are competitors likely to be doing during the life of the asset?
- Will the cost of the new equipment price the product out of the market?
Secret #2. Think Outside the Box
Now that you have thought of good questions it’s time to apply some creative thinking processes to them in order to get the best answers.
There are many tools for creative thinking available. Just go to your favorite search engine and type in “creative thinking” for a host of suggestions. Some commonly used ones are:
- Brainstorming
- Plus Minus Interesting (PMI)
- “Six Thinking Hats”
- S.C.A.M.P.E.R.
- Lateral Thinking
- Random Input
Enter any of these into the search engine for an explanation of the terms.
Also you can also gain some real insights by listening to dissenters in your company or other outsiders. They may just have the key that will make your decisions a lot easier and generate more profits for the company. Do not forget to include their ideas.
These tools are designed to provide you with many answers to your questions
Secret #3. Gather ALL the Data,
In order to make a successful financial decision you will need as much data as you can use effectively. You will need to quantify the costs and benefits so that a rational decision can be made easily. The best way to do this is to convert them
The world we live in today is governed by technology- this fact cannot be argued. And the greatest discovery of recent times is the Internet. Billions of people all over the world access web sites on the Internet every day. The information that can be found on the Internet is not only endless but also very reliable. That’s why the number of people who choose this particular way of staying informed or of finding what they need is growing rapidly. Under these circumstances, if you have or represent a company and you want to advertise your products or services, a website on the Internet is a must. To make sure that your website offers the appropriate information, which is representative of you and it does it in an appealing way for potential clients, you should resort to the services offered by web design firms. Regardless of the size or information offered by your website, web design specialists will undoubtedly be of use
- Replace with a comparable item?
- Repair, upgrade, refurbish or maintain the current item?
- Purchase new/second-hand item with more capacity and increased output?
- Will the customers still be there for the outputs of the new equipment over its life?
- Will the company’s direction still provide a need for this asset over its life?
- What are competitors likely to be doing during the life of the asset?
- Will the cost of the new equipment price the product out of the market?
Secret #2. Think Outside the Box
Now that you have thought of good questions it’s time to apply some creative thinking processes to them in order to get the best answers.
There are many tools for creative thinking available. Just go to your favorite search engine and type in “creative thinking” for a host of suggestions. Some commonly used ones are:
- Brainstorming
- Plus Minus Interesting (PMI)
- “Six Thinking Hats”
- S.C.A.M.P.E.R.
- Lateral Thinking
- Random Input
Enter any of these into the search engine for an explanation of the terms.
Also you can also gain some real insights by listening to dissenters in your company or other outsiders. They may just have the key that will make your decisions a lot easier and generate more profits for the company. Do not forget to include their ideas.
These tools are designed to provide you with many answers to your questions
Secret #3. Gather ALL the Data,
In order to make a successful financial decision you will need as much data as you can use effectively. You will need to quantify the costs and benefits so that a rational decision can be made easily. The best way to do this is to convert them
I know a woman in her sixties. She worked for a company for a little more than a decade as an administration and office assistant for a staff of one hundred sales people, who loved her dearly. She always made sure all the faxes got to their desks; the stationery stock was full and each staff member had what he needed.Beyond her job description, she was like a mother to all of them: making sure the toilets got cleaned, old food was removed from the fridge and decorating the entire floor which the department occupied. She worked hard and never complained. She was always smiling, friendly and polite.She felt good about being a ‘mother’ to all the people who entered and left that department. She was comfortable with her position. No-one else could do the things she did. And she did them better than anyone else in the building.One day, she went to work as usual. After doing her morning chores, she was in
- What are competitors likely to be doing during the life of the asset?
- Will the cost of the new equipment price the product out of the market?
Secret #2. Think Outside the Box
Now that you have thought of good questions it’s time to apply some creative thinking processes to them in order to get the best answers.
There are many tools for creative thinking available. Just go to your favorite search engine and type in “creative thinking” for a host of suggestions. Some commonly used ones are:
- Brainstorming
- Plus Minus Interesting (PMI)
- “Six Thinking Hats”
- S.C.A.M.P.E.R.
- Lateral Thinking
- Random Input
Enter any of these into the search engine for an explanation of the terms.
Also you can also gain some real insights by listening to dissenters in your company or other outsiders. They may just have the key that will make your decisions a lot easier and generate more profits for the company. Do not forget to include their ideas.
These tools are designed to provide you with many answers to your questions
Secret #3. Gather ALL the Data,
In order to make a successful financial decision you will need as much data as you can use effectively. You will need to quantify the costs and benefits so that a rational decision can be made easily. The best way to do this is to convert them
In 2006 sulfur will no longer be in diesel fuel as per legislation signed into law by President Clinton. The EPA laws will soon be effective. So you want to take the Sulfur out of Diesel Fuel? Great, but not now; we need to phase this in. Perhaps require in two years that every truck manufactured not need it, and then eliminate the fuel in six years by raising the cost slowly as trucking companies trade in old units and retrofit those before re-sold. By that time we will all be looking into other technologies anyway. Slowing down the dollar and having a weak dollar may seem like the answer to improve the impending trade deficit, but at what cost?Why should we give back all of our economic expansion because other currencies and countries cannot legitimately control their corruption or protectionism long enough to improve themselves? We are allowing those who are not forthright with their own affairs to be rewarded
- Brainstorming
- Plus Minus Interesting (PMI)
- “Six Thinking Hats”
- S.C.A.M.P.E.R.
- Lateral Thinking
- Random Input
Enter any of these into the search engine for an explanation of the terms.
Also you can also gain some real insights by listening to dissenters in your company or other outsiders. They may just have the key that will make your decisions a lot easier and generate more profits for the company. Do not forget to include their ideas.
These tools are designed to provide you with many answers to your questions
Secret #3. Gather ALL the Data,
In order to make a successful financial decision you will need as much data as you can use effectively. You will need to quantify the costs and benefits so that a rational decision can be made easily. The best way to do this is to convert them
Corporate kits are used to store the company records and are custom made for corporations and limited liability companies. It comes in the form of a binder and contains all the important items essential for corporate formalities. The Federal Government makes it mandatory for corporations and limited liability companies to keep a record of their meetings, stock transactions and current shareholder information. These entities should conform to corporate formalities including holding annual meetings of directors and shareholders, adopting bylaws, issuance of shares etc. A corporate kit helps the companies to keep an organized record of such documents.A corporate kit contains sample forms of bylaws and minutes, a customized corporate seal, various corporate forms, stock certificates, stock transfer ledger, slipcase and other vital documents. A corporate kit helps in easy maintenance of corporate documents crucial for
These tools are designed to provide you with many answers to your questions
Secret #3. Gather ALL the Data,
In order to make a successful financial decision you will need as much data as you can use effectively. You will need to quantify the costs and benefits so that a rational decision can be made easily. The best way to do this is to convert them all to dollars. This will make it easier to assess competing options.
Some Costs to Consider:
- Installation of new equipment
- Removal of current equipment
- Downtime costs e.g. lost orders, increased stocking costs, extra labor to catch up with customer orders
- Training costs for new equipment
- New maintenance costs
- Capital costs
- Tendering costs, purchasing costs
- Initial transport costs
Some Benefits to Consider:
- Less wastage
- Less labor input
- Less resource inputs
- Increased safety
- Increased quality of life
- Faster customer response
- More accurate data
- Faster production times
- Less stock required
- Scrap/Trade-in Value at end of economic life
- Scrap/Trade-in Value of current equipment
Secret #4. Analyze the Data
Now that you have collected the data and have converted it to dollars, it's time to evaluate each viable option using a systematic method.
There is a proven, tested method called Cost Benefit Analysis, which is the tool of choice for these kinds of decisions. It can be used effectively for asset replacement decisions as well as funding choices. Big business and governments around the world use it. The US government is a big user of this technique. In fact, it has legislated, federally, that this method be used when making decisions regarding funding to various major programs.
This method allows you to weigh up the relative costs and benefits of competing proposals, showing you which option is the most profitable, least costly or provides the greatest net benefit.
There are certain rules that need to be adhered to so that the final decision can be understood and acted upon. You can find the link to a site offering this proven method at the end of this article or in the Auth
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