Articles for Business and Finance
Have you conducted at SWOT analysis on your business lately? You should. Companies and their competitive environments are constantly changing. Strategies must be continuously analyzed and updated to remain in business. A business owner must stay on top of and adapt to these changes, if he wants to survive. Combining a SWOT analysis with TOWS strategies gives small business owners the basis they need to build their companies and move forward.
Every small business owner should have a budget that lays out the future course of the company's activities. A budget shows where the sales will come from and how the money will be spent, with the ultimate goal to produce a profit. While budgets are great for planning, they are also a valuable management tool to keep the business on track to meet its objective. The way to accomplish this goal is known as budget variance analysis.
The general principle of operating a business is to make a profit. Right? But, what is the best way to make that happen? The answer is cost controls. If you start out the year with the goal of making a specific profit level, then having an effective set of cost controls improves the likelihood of achieving that profit objective. The advantage of cost controls is that it enables the company to increase its profits and to use those funds to improve all aspects of its operations.
You've started a business. Sales are coming in, and money is going out. Are you making the profit the company is supposed to make? Do you know what your gross profit is? Are you using the right financial metrics to get the answers to these questions? A small business owner should use an organized reporting system that produces this information.
Making a profit in a business is akin to a conductor leading an orchestra. All the instruments must come together to produce a pleasing harmony. And so it is with a company. A small business owner has to direct the operations of his company to produce that pleasant harmonious sound: a sweet-toned profit!
Do you think creating a budget is a waste of time? Think again. An operating budget is an essential management tool for all small business owners and should not be ignored. You probably spend most of your days putting out fires. Here's why an effective operating budget can eliminate a lot of that stress in your life.
Understanding the time value of money is an essential management skill when evaluating the benefits of capital expenditure projects.
Profits are important, but it takes cash to pay the the bills. The more important accounting report is the cash flow statement.
The debt to tangible net worth ratio is a critical performance measure of a company's financial health. Bankers and managers use this ratio to control and limit debt in relation to equity.
Discuss the differences between accounts payable and notes payable. Explain how each is used to finance a company's operations and the legal ramifications of each type.
Define the calculation for working capital, discuss current and quick ratios and how to improve working capital.
Discuss the differences between planning for capital expenditures and setting up operational budgets for management control and performance evaluation.
Discuss how a banker's acceptance is used to facilitate international trade.
Setting up a holding company is an excellent corporate form to add companies to the primary business without risking all of the firm's assets.
Identify the added complexities of multinational financial management.
Making decisions requires having the correct data. Knowing what every part of operations cost is essential to decision-making
Show in simple terms the methods used to calculate the cost of manufacturing a product. Include all indirect costs and allocation of appropriate overhead expenses.
Most management reports take their data from accounting. Activity-based costing is a more realistic application for determining the real cost of operations and which department or product is consuming the expense
Setting up marketing campaign and determining the appropriate pricing strategy requires a thorough understand of the relationships between costs, sales volume and profit levels.
Discuss the advantages and disadvantages of FIFO and LIFO and the effects on the income statement of a business
Business managers must understand the cost of manufacturing their products to set up cost controls and develop a pricing strategy.
EBITDA is a financial metric used by investors and analysts to delve into the actual income from operations of a company.
This article discussed the importance of using activity-based accounting for more accurate calculations of product costs.
Discuss how SMART objectives apply to a marketing plan.
Discuss the basic marketing strategies to position a product in the market.
Construct a marketing plan for a clothing boutique
Every product must be positioned in the market with a specific pricing strategy.
Define strategy of penetration pricing and present real-life examples of how major companies have used this strategy to establish positions in the marketplace.
Discuss how to differentiate products and position them in the marketplace to appeal to the target demographics.
Discuss the strategy of premium pricing, when it works, present examples and how to implement it.
Countries don't typically follow a particular type of economic system. Most economies are blends of free markets and degrees of government controls.
Every marketer needs to understand the sources that create demand for his products.
In economic terms, discuss the four factors or production.
Discuss the differences between classical and Keynesian economics.
Discuss the four factors that affect the position of the demand curve.
Define the factors that determine the position of the demand curve, elasticity and movement along the curve.
Discuss how land, labor, capital and technology affect economic development and growth.
Explain the relationship between price elasticity and demand to develop a pricing strategy
The media provides plenty of coverage for the NFL players with multi-million dollar contracts, but most of the others, while making good salaries, don't come anywhere close to earning eight figures.
Getting well-paid to travel around the world is not a bad gig. Merchant ship captains have this opportunity.
Union members typically receive higher wages and benefits compared to their civilian counterparts. These are the highest-paying union jobs.
Research and discuss how much baseball players get paid from starting in the minor leagues up to the majors.
Research and discuss which positions get paid the least in the NFL.
Discuss salaries at community college, which fields pay the most and where is the best place to find a job.
Describe the pay scales, benefits and requirements to join the military and develop a career plan.
Describe the pathway and income levels to becoming a top driver in NASCAR.
Compare the salary and benefits of becoming an Army doctor versus being in private practice as a civilian doctor.
Discuss the annual salaries of college professors and which fields pay the most or the least.
Going to law school requires a substantial financial commitment. The law schools with the best return on the cost are not always the most well-known.