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Casual Articles - 9 Secrets To Making Laser-Accurate Financial Decisions
Soft skills are rapidly evolving as a key tool to enhance an individual's acceptability in an organisation.Research indicates that apart from academic background, qualification ratings, technical strength and suitable body language, soft skills are fast becoming strong contenders for gaining employer approval.Employees/prospective employees can be strong technically and probably extremely good wrt performance outcomes, but the ones who are rated the most amicable, usually win.This obviously does not mean that one should dump quality work and spend time improving their ratings on opinion polls to scale high on the popularity charts,but at the same time reiterates the strength of words like team spirit, social grace and business etiquette.These are some basic soft skills which give you a decided edge!Confidence-Be high on self confidence with high self esteem.Adaptibility-Flexibility based on d
- 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
Does your website increase confusion or does it reduce confusion.Remember confused people do not buy; they go looking for more information.Your job is to give them that information, or at least enough information to give them the confidence to buy your product. You must convince your customers that your product will solve their problem.You do this by providing factual, focused web content and web copy. What’s the difference between web content and web copy?Web copy is the sales pitch, while web content educates or entertains your customer. That doesn’t mean that your web copy can’t or shouldn’t educate your customer, just that web content shouldn’t be a pure sales pitch.A great example of this is a white paper. A white paper provides your customers with the information to understand what is needed.They need to understand how your product benefits them, how it
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 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 e
I spend a bit of time on airplanes. So, I was surprised by what I observed on a regional jet. Yes, it was holiday travel. Yes, the flight was overbooked. Yes, infrequent and tired travelers were creating challenges for the only stewardess. Still, she saw the small boy, no more than eight, seated in the exit row next to his grandfather. She chose to ignore him, wishing and hoping her safety message stating a person must be over fifteen to sit in the exit row would fix it. Maybe she didn't want the hassle of trying to reseat passengers on an already late flight. Maybe she was tired, too. Who knows?What I do know is that despite the safety implications of her decision, she chose the path of least resistance that day. And she's not alone. Many people take that path at work. They choose the easier way rather than doing what needs to be done. But, the path of least resistance leads away from winning at working.
- 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 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
Charity credit cards are a great way to show support for a certain charity. Many credit card companies offer a wide variety of reward programs, but many people find they really do not need those types of rewards. So credit card companies began teaming up with charities to offer people an easy way to support the charity of their choice. When a person uses a charity credit card a percentage of the amount charged to their credit card goes to the charity.Charity credit cards make a person feel good every time they use their credit card. While it is nice to donate to charity, this can be a problem. Most people get carried away and think that they are doing good by charging on their credit card, however, they may also be charging themselves into a financial crisis. A person who tells themselves this may end up charging things they usually would not. The better way to think of a charity credit card is that instead
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 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
I’m in the advertising business. At least that’s what they’re still calling it. Significant blocks of time transpire, however, where nothing resembling advertising passes through my company’s job queue, or past my desk. I checked again just to be sure. Yep, Web site designs, optimized web site re-write, corporate identity package, radio spots (there’s something), video production and streaming, html emails, logo designs, CD package design, article development and submissions, sign graphics, travel brochure, banner ads, SEO work (plenty of it), news releases. I was right - no full-page advertising in queue this week - no string of print ad copywriting assignments, no huddling with the creative team to concept for an upcoming campaign (radio spot concept and copy is complete).Oh, sure we have been frequently required to write some so-called “ad copy” full of key words. I hold hope that someday, search engines will
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
If you are like alot of people these days, you have probably thought about working from home at least once during your professional life. Maybe even more so on those days when everyone (primarily the boss) in the office is driving you nuts?But what if you could work from home? Do you think you could actually do it? Do you think it would be easier than working in an office full of people?Before you up and quit your day job, you need to look at many different things that can and will affect your ability to work from home.1. Look at your take home salary now, and then add up all the expenses that you accrue just to get to the office. Add up the daycare costs (if any), gas mileage, parking fees, lunches/coffees. If you are spending over half your salary on these items, and benefits for you/your family aren't coming from your job, you should seriously think about working from home. You could very well
- 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 Author Profile.
Secret #5. Make The Decision
Based on the Cost Benefit Analysis results produced above, there should be a clear answer as to the best way forward - provided all the processes were completed correctly.
You can be confident that this is the best financial decision, given the information at hand and the assumptions underlying the analysis.
Secret #6. Sell the Decision,
Once the decision is made it needs to be communicated, since others will need to know. Some groups who may need to know and be convinced that your decision is in their best interests are:
- Employees
- Board members
- The press
- Customers
- Suppliers
- The owners
- Special interest groups
Since you used a tested, proven system to make the decision it makes it easier to convince these groups of the correctness of your decision – saving you time and effort.
Secret #7. Review the Decision
A year after the decision has been made, communicated to stakeholders and implemented it is time to go back and review the decision. This is often referred to as a Post Completion Review. Some areas of review are listed below:
- Assumptions – were they correct?
- Costs – did the actual costs of purchase, installation and operation equal the assumed costs in the proposal?
- Were there other costs involved that were not planned for originally?
- Benefits – did they eventuate? Were they in line
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