Control your personal finance   free website content | contact | privacylink partners
Home » Business
Money articles

» Personal finance
» Credit cards
» Saving money
» Debt elimination
» Budgeting
» Investing
» Business
» Real estate
» Making money
» Miscellaneous
» Career
» Loans
» Promote your business
» Insurance
» Bankruptcy

» Archive

Simple financial techniques can grow your business up to 45% a year

Few people would argue that increased transparency and better accounting procedures go a long way toward improved financial performance. But there is much more to a healthy bottom line than wise accounting practices. The best companies know that every employee must understand how the little decisions, made daily by people across the organization, impact the company's financial performance. Unfortunately, knowing this and actually doing it are two different things.

The good news is, simple, effective financial techniques can be easily learned by even your non-financial managers, and put into practice immediately to improve profits. One company did just that, and watched their profits grow over 800% in less than 20 years. That's an average growth rate of 45% per year.

Sounds too good to be true, right? Wrong. The most effective solutions are the simplest ones. Managers get bogged down in the endless bits of detail that the accounting department provides.
The truth is that only five percent of this information is needed for maximum financial results.

Most managers, when asked, will give you these reasons why a project fails: "high costs", "slow moving inventory", "lack of financing at a critical point in the company's growth" but whatever the symptom, the underlying cause is the same. Managers fail because they lack financial knowledge and planning.

When managers understand how to set up the right strategies in the beginning and they learn to stick to those strategies with a strict financial discipline, using the proper financial techniques, they can weather their business economic ups and downs that washes the competition up on the rocks. Properly trained, managers will grasp the big picture immediately, will know how to take action, and can put into play decisions that will have an immediate impact on profitability. And nobody will have to stare at a spreadsheet all day.

Training managers to be financially effective should be at the top of every CEO's list of mandatory expenses.

About the author
Author Carole Symonds CPA, MST is a partner in one of the world's largest Big Four Public Accounting Firms. Named to the Boston Business Journal's 40 Under 40 list of Greater Boston's next generation of business leaders and innovators, Carole is a featured lecturer on corporate taxation and financial matters.
A former associate professor in the Masters program at Thomas College, she recently published her book, "Millionaire Manager"
that teaches non-financial managers five easy steps to improving profitability using no-nonsense, simple techniques. For more information, visit http://www.millionairemanager.com.

Search CashBazar

Google
 
Web www.cashbazar.com


Latest money articles

» Controlling the price changes in futures markets
The lock-limit is one way that the markets can be controlled.

» How much will price changes effect stock trading?
Price elasticity is an economics term that refers to the way that price changes of stock can affect the demand for that stock.

» Large volume trading in steps
Program trading is a term that is also used in at least two different (though similar) meanings.

» How many stock options are available?
Open interests are not a feature of all stock market trades. In fact, open interests are calculated based on options and futures trades.

» Protect your portfolio from large losses
If you are worried about the stock market, then you might want to consider portfolio insurances.

» Insure your investment without limiting returns
Are you looking for a way to trade on the stock market without having to deal with all of the risks?

» Regional funds explained
Increase your portfolio diversity with funds from other regions.

» What is a derivative?
Invest in commodities without buying the commodities themselves.

» What is an option?
An option is an agreement that a commodity or stock will be available for purchase at a set date.

» Should I always pay a commission when buying mutual funds
There are three main types of mutual funds when it comes to commissions.

» Find the lowest risk investment portfolio
If you're trying to find a good investment portfolio, then you may want to look at the Treynor measure.

» The difference between PAX World Funds and The World Funds
The first type is purchased through the company PAX, and these funds focus on socially responsible companies.

» The Alpha factor explained
A new method of differentiating between different investments.

» How good is your planned investment
A company prospectus is a legal document that has been filed by the company that you might be thinking about investing in.

» How do I find the best investment advisor?
If you're looking for the best investment advisor for you, you should make sure that you pay attention to the type of investments that that advisor usually recommends.

» How to find the best full-service stockbroker - ask questions
Before you decide who you should choose for your full-service stockbroker, make sure that this is the best option for you financially.

» Investing in commodities
Investing in commodities is not too hard to do - the real problem comes in when you are trying to decide which commodities you should invest in, and when it is better to buy or sell a particular product.

» Don't wait to get your retirement payments!
If you're looking for an annuity, there are a variety of different annuities to choose from.

» Multisector bond funds explained
If you are looking to invest in bonds, but you are not sure that you want to deal with making all of the purchases on your own, bond funds might be the right option for you.

» Private annuity explained
The biggest difference between a regular annuity and a private annuity is that private annuities take place between two individuals, instead of between an individual and an insurance company.

» Avoid estate taxes with a life insurance trust
If you're looking for another way to insure yourself with a life insurance policy that will avoid any taxes after your death, then you should look into getting a life insurance trust.

» What is a Section 1035 policy exchange?
Don't lose insurance money when you change policies.

» Who should consider annually renewable term life insurances?
If you're looking for a good insurance policy, then you should probably take a good look at your financial situation, and at what you can count on being your situation in the future.

» Death benefit only plan explained
If you need life insurance, but you are not able to afford the regular price for life insurance, then you might want to look into a death benefit only plan.

» How to save money on your homeowner's insurance
In the case of homeowner's insurance, the most common way to reduce the amount of money that you will be paying each month is to increase your deductible.


Make money online

Please visit Sitetube.com and learn how to profit from your website.