Wouldn't it be nice for business owners and executives to be finished with their policies and procedures project already? They know they need to get it done, but maybe it's taking too long. Or perhaps their people are staring at a blank piece of paper, and they don't know where to begin. Or maybe they're not sure what to write. Or they're just too busy. The Usual ScenarioCompanies face these hang-ups everyday, in every industry, in every market....more
I can hear the jokes already and most of them are not politically correct. Let me throw out a word that we often don't attach to work and yet I think it is a word of redemption, of contribution, of achievement, of community, and ultimately, of legacy.Here it is: LOVE. Kahil Gibran proclaimed, "Work is love made visible". I would further clarify his position by insisting that a job is what you do for a paycheck. Work is what you do for a life. ...more
Calculating cash flow is one of the most important tasks of the business owner. Revenue and expenses are rarely constant in a business and cash requirements need to be planned for shortfalls, seasonal factors or one time large payments. At the end of the day, a company that cannot pay its bills is bankrupt. Unfortunately, while many business owners concentrate solely on their revenues and expenses to manage their cash flow, it's usually poor management of the cash conversion cycle that so often leads to a cash crunch in the business.What is the cash conversion cycle and why should I be concerned with it? The cash conversion cycle is simply the duration of time it takes a firm to convert its activities requiring cash back into cash returns. The cycle is composed of the three main working capital components: Accounts Receivable outstanding in days (ARO), Accounts Payable outstanding in days (APO) and Inventory in days (IOD). The Cash Conversion Cycle (CCC) is equal to the time is takes to sell inventory and collect receivables less the time it takes to pay your payables, or: CCC = IOD + ARO - APOWhy is this cycle important? Because it represents the number of days a firm's cash...more
You wouldn't drive a car without a gas gauge or speedometer, and if you're driving on an empty tank, you won't get very far. Then why would you make financial decisions without the proper tools? Businesses must master controlling the flow of cash. Cash flow planning helps eliminate uncertainty, identify obstacles and move forward armed with...more
When we perceive the simple center in the seemingly complex, we can change our world in powerful new ways. Albert Einstein perceived the simple E=MC2 in the complexities of physical reality and changed the history of the 20th century.Big Daddy Lipscomb, the Baltimore Colts 300 pound all-pro tackle in the 1960s perceived the simple center of what...more
Considering a work-from-home business? Clients often say their biggest fear is loss of momentum. Here are ten tips to keep yourself motivated and productive. (1) Build structure into your day.Create a schedule and To Do list every evening for the next day, before you sign off for the day. (And yes - it is important to sign off, even if you return later to complete a project.) Include breaks and email reading time. (2) Define goals by numbers ("write 1000 words") instead of time ("2 hours on Mega account"). One of the joys of working at home is you get to quit when you're finished ahead of schedule.(2) Train friends and neighbors to respect your working hours.Clients tell me about neighbors who say things like, "I told the UPS truck to leave the package at your house since you're always home." Discourage phone calls with a prepared response, like "I will call you after four o'clock today." You will be tested. Prepare to hang tough.(3) Get the family on board.Deal with their concerns before you start and be prepared to show how you are creating a win-win situation. Clarify what counts as an emergency - a valid reason to interrupt while you are working - and what can wait till...more
Question: If you were starting out and had no references or a substantial resume, how would you go about finding paying customers for your services? To answer your question, I'll assume you're a junior copywriter or marketing consultant. When I first...more
Are you looking to consolidate credit card or other debt? Do you have bad credit history? There are many options available online nowadays to help you consolidate your debt. Whether you are wanting to consolidate credit card debt or other kinds of...more
When going to refinance or get a mortgage loan quote, the internet can be a useful tool to shop around for the best interest rate. The reason the internet is a good place to start applying, is because most mortgage applications online do not...more
If you are in a hurry for a payday loan, the last thing you want to have to do is fax in your documents of verification. That's no problem, nowadays, you can find many payday loan or cash advance loan companies that can verify your income and...more
A year or so ago, I met Allan Kempert. Allan was the Quality Assurance Supervisor for a metal stamping company in Ontario, and just completed Norman Bodek's book, The Idea Generator, Quick and Easy Kaizen. As Allan explains, he couldn't put the book...more
1. Review Your Credit Report For Errors. After you have received a copy of your credit report, you need to look through it very closely. If you do not yet have a copy, TrimYourDebt.com has negotiated with one of the credit bureaus to offer...more