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Casual Articles - Make Friends With Your Financials - 10 Ways To Think About Numbers
Give away promotional corporate gifts and make more profitGiving away promotional corporate gifts to your loyal and prospective customers is a tried and proven marketing tool for helping expand your business. It's vitally important to make sure that the name of your company is foremost in the mind of your audience when they come
6. What areas need improvement? Reviewing numbers monthly permits you to make adjustments in any area of your business that is not performing to your expectation. Inspect what you expect.
7. How do your everyday acti
Often long-standing and successful companies cannot maintain the growth they wish or due to external forces they need to modify their operations significantly. Let us take an example of this for a moment. Lets us say we have a successful regional truck washing company and water shortages in the region are causing issues and labor is just too difficu
1. How Profitable is your Company? Look at your Balance Sheet and find the Retained Earnings number. This cumulative figure records all the income and losses incurred since the business was started. It is adjusted annually.
2. What is your Gross Profit in $$’s and in percentage? Watch this number closely. Even small variations month to month make the difference in profit or loss for the month.
3. Do you understand Gross Profit and Mark-up are not the same? If you mark your services or goods up 50% your gross profit will only be 33 1/3%. Don’t count dollars of profit that are not there.
4. Do you have Inventory? Comparing your gross profit month to month will alert you to unusual variances in your net Inventory.
5. What are your Net Expenses? Are they consistent month to month? By recording your expenses on a spreadsheet you will be able to spot variations that lead to problems.
6. What areas need improvement? Reviewing numbers monthly permits you to make adjustments in any area of your business that is not performing to your expectation. Inspect what you expect.
7. How do your everyday activ
Office cubicles are partially enclosed workspaces that are separated from neighboring workspaces by partitions about five to six feet tall. To allow easy access, cubicles are partly or fully open on one side and have horizontal working work surfaces, shelves, and other amenities suspended from these partitions. Most cubicles require professional ins
1. How Profitable is your Company? Look at your Balance Sheet and find the Retained Earnings number. This cumulative figure records all the income and losses incurred since the business was started. It is adjusted annually.
2. What is your Gross Profit in $$’s and in percentage? Watch this number closely. Even small variations month to month make the difference in profit or loss for the month.
3. Do you understand Gross Profit and Mark-up are not the same? If you mark your services or goods up 50% your gross profit will only be 33 1/3%. Don’t count dollars of profit that are not there.
4. Do you have Inventory? Comparing your gross profit month to month will alert you to unusual variances in your net Inventory.
5. What are your Net Expenses? Are they consistent month to month? By recording your expenses on a spreadsheet you will be able to spot variations that lead to problems.
6. What areas need improvement? Reviewing numbers monthly permits you to make adjustments in any area of your business that is not performing to your expectation. Inspect what you expect.
7. How do your everyday acti
Are you opening a dollar store? If so never lose sight of the importance of cost reduction. In fact cost reduction efforts should take place from the day you start your planning. One of the major areas of cost reduction focus is the lease agreement for the store.The lease negotiations and thus your opportunity to save money happen prior to op
2. What is your Gross Profit in $$’s and in percentage? Watch this number closely. Even small variations month to month make the difference in profit or loss for the month.
3. Do you understand Gross Profit and Mark-up are not the same? If you mark your services or goods up 50% your gross profit will only be 33 1/3%. Don’t count dollars of profit that are not there.
4. Do you have Inventory? Comparing your gross profit month to month will alert you to unusual variances in your net Inventory.
5. What are your Net Expenses? Are they consistent month to month? By recording your expenses on a spreadsheet you will be able to spot variations that lead to problems.
6. What areas need improvement? Reviewing numbers monthly permits you to make adjustments in any area of your business that is not performing to your expectation. Inspect what you expect.
7. How do your everyday acti
How many times have you heard the money is in the list? It's true the money is in the list, the problem is, most people don't realize the type of list they are talking about. Many people struggle to build a list of 1,000 subscribers only to find their response rate is less than 1/2 of 1%. This can be discouraging, because it can take two, maybe
4. Do you have Inventory? Comparing your gross profit month to month will alert you to unusual variances in your net Inventory.
5. What are your Net Expenses? Are they consistent month to month? By recording your expenses on a spreadsheet you will be able to spot variations that lead to problems.
6. What areas need improvement? Reviewing numbers monthly permits you to make adjustments in any area of your business that is not performing to your expectation. Inspect what you expect.
7. How do your everyday acti
In my previous article entitled: Information and Analysis - Baldrige Assessment Case Studies for Category 4, I shared about common assessment findings of several companies being assessed by a group of trained and experienced assessors. In this article, I will provide similar findings but on Human Resource Focus of the Baldrige Criteria. It
6. What areas need improvement? Reviewing numbers monthly permits you to make adjustments in any area of your business that is not performing to your expectation. Inspect what you expect.
7. How do your everyday activities affect your bottom line? Do you budget for your marketing activities? Are you aware of how much you spend for networking events, client luncheons, membership dues, trade show attendance, conferences, etc? Are the expenses for these items over or under budget? One line item can make the difference between profitability and loss.
8. Do you analyze your income line items? What makes up this figure? Did you record all earnings for the month?
9. Does the Cash in Bank figure on your Balance Sheet accurately reflect your bank statement? The ending balance on your bank statement equals Cash in Bank on your Balance Sheet. Do you record all interest paid, bank fees, merchant charges?
10. What are the key numbers that drive your business?
Every industry has different benchmarks. Identify which numbers are important to the profitability of your business. Monitor them for an ongoing snapshot of how you are doing. Be sure the measurements you monitor are aligned to your company’s strategic business goals as well as individual performance goals.
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