Business Management: Tips for money management

December 21, 2011

Money and cash flow management are deemed to be some of the most important aspects of the management of  Small Medium Business (SMB). Here are a few tips:

1. Review your books regularly. When you’re running your business, you may not take the time to sit down and look at your financials. But you can’t manage your money without having the facts. At least once a month, preferably once a week, look at your figures: accounts payable and receivable, expenses, cash flow, etc.

2. Send them your bill! I’m always surprised by how many businesspeople, especially consultants and professional service providers, delay sending out their invoices. You may feel uncomfortable asking someone for money, afraid of being challenged on how much you’ve billed, or just too busy working. But the longer you wait to send out your invoices, the greater the chance you won’t get paid.

3. Watch your inventory. If you produce goods, you’ll always be tempted to produce more because you get savings based on volume. But inventory can go “bad,” become out-dated, unsaleable, time- or weather-worn.

Inventory doesn’t just apply to finished goods for resale. You may have “inventory” in the form of marketing materials. Keep an eye on your actual use and make your purchases not only on the basis of price but whether you can get small quantities only when you actually need them.

4. Manage your growth. You want your business to get bigger, but if you grow too fast you may not be able to sustain it. Growth costs money; you incur many expenses before you see additional income. Plan your growth so you have the financial resources to pay for it.

5. Save. Every business has income fluctuations. The best way to have cash when you need it is to put some away when you’ve got it.

Read more…

Great Golf Quotes

December 19, 2011

Here are a few quotes on the great game of golf.

* These greens are so fast I have to hold my putter over the ball and hit it with the shadow. ~ Sam Snead
* You can talk to a fade but a hook won’t listen.~ Lee Trevino
* I was three over. One over a house, one over a patio, and one over a swimming pool.~ George Brett
* Actually, the only time I ever took out a one-iron was to kill a tarantula. And I took a 7 to do that. ~ Jim Murray
* The only sure rule in golf is – he who has the fastest cart never has to play the bad lie.~ Mickey Mantle
* Sex and golf are the two things you can enjoy even if you’re not good at them. ~ Kevin Costner
* I don’t fear death, but I sure don’t like those three-footers for par. ~ Chi Chi Rodriguez
* After all these years, it’s still embarrassing for me to play on the American golf tour. Like the time I asked my caddie f or a sand wedge and he came back ten minutes later with a ham on rye. ~ Chi Chi Rodriguez
* The ball retriever is not long enough to get my putter out of the tree. ~ Brian Weis
* Swing hard in case you hit it. ~ Dan Marino
* My favorite shots are the practice swing and the conceded putt. The rest can never be mastered. ~ Lord Robertson Give me golf clubs, fresh air and a beautiful partner, and you can keep the clubs and the fresh air. ~ Jack Benny
* I’m not saying my golf game went bad, but if I grew tomatoes, they’d come up sliced. ~ Lee Trevino
* There is no similarity between golf and putting; they are two different games, one played in the air, and the other on the ground.~ Ben Hogan
* Professional golf is the only sport where, if you win 20% of the time, you’re the best ~ Jack Nicklaus
* The uglier a man’s legs are, the better he plays golf. It’s almost a law. ~ H G Wells
* If you watch a game, it’s fun. If you play at it, it’s recreation. If you work at it, it’s golf. ~ Bob Hope
* While playing golf today I hit two good balls. I stepped on a rake. ~ Henny Youngman
* If you think it’s hard to meet new people, try picking up the wrong golf ball. ~ Jack Lemmon
* You can make a lot of money in this game. Just ask my ex-wives. Both of them are so rich that neither of their husbands work. ~ Lee Trevino


Facebook Winner #2: A year subscription to Getaway Magazine

December 14, 2011

Congratulations to Stephen Oliver

Stephen has won a year subscription to Getaway Magazine.

Thanks for everyone who entered.

Please note that we will run  similar competitions in the New Year.

Friday funnies: Today’s Stock Market Report

December 9, 2011

Today’s Stock Market Report- Friday fun

Helium was up, feathers were down.

Paper was stationary.

Fluorescent tubing was dimmed in light trading.

Knives were up sharply.

Cows steered into a bull market.

Pencils lost a few points.

Hiking equipment was trailing.

Elevators rose, while escalators continued their slow decline.

Weights were up in heavy trading.

Light switches were off.

Mining equipment hit rock bottom.

Diapers remained unchanged.

Shipping lines stayed at an even keel.

The market for raisins dried up.

Coca Cola fizzled.

Caterpillar stock inched up a bit.

Sun peaked at midday.

Balloon prices were inflated.

Scott Tissue touched a new bottom.

And batteries exploded in an attempt to recharge the market.


Small Business Management Tips

December 8, 2011

Managing a small business means managing your time, resources and employees as effectively as possible. Learning new ways to better manage the various aspects of your business can make your business more productive, and your life easier.

Business writer, Arnold Anderson  has the following tips

Aggressive Management

Sometimes pays to be aggressive when managing your business, especially if you find yourself consistently chasing the competition. Learn to work outside your own personal comfort zone and be prepared to take risks you would not normally take. Sometimes it is necessary to take risks to move forward. To add a level of comfort to your decisions, always take into account the effects of what your company does. If you can anticipate the consequences of things going wrong, then you are better equipped to handle them if the worst happens. You may want to avoid taking risks that could result in the closing of your company. Have confidence in your decision-making process, and use that confidence to avoid second-guessing yourself on big decisions. Once the decision is made, move forward and look to reap the benefits of your move.

Employee Loyalty

Managing employees should be about more than performance evaluations and delegating responsibility. Employees are more productive when they feel a sense of loyalty to the company. That sense of loyalty can come from things the employees do, things the company does for the employees or a combination of the two. Finances are a top concern for most employees, and major expenses, such as car repairs and medical expenses not covered by insurance can be a huge source of aggravation and distraction. Suggest that employees start a fund, either on their own or one you help them set up that they can all donate to and which can be used by employees in need of personal financing. Set up loans that eventually need to be paid back, but make the loans available to all employees. Create a board of employees that can approve or disapprove loans from the fund. If the company is able, try to offer financial loans to employees to help with large expenses. If an employee feels like he can turn to his place of employment to help solve his problems, he develops a higher sense of loyalty. Have professionals visit the office on a regular basis to offer support and counseling on an anonymous basis to all employees. Financial consultants, dietitians, stress management experts and grief counselors can help employees to deal with their problems better and become more productive at work.

Read more …

Friday fun- Funny Out of Office responses

December 2, 2011

The following funny responses can come in quite handy. These are some useful responses made by young professionals, interns and other crazy employees.

1. I am currently out of the office at a job interview and will reply to you if I fail to get the position. Please be prepared for my mood.

2. You are receiving this automatic notification because I am out of the office. If I was in, chances are you wouldn’t have received anything at all.

3. Sorry to have missed you, but I’m at the doctor’s having my brain and heart removed so I can be promoted to our management team.

4. I will be unable to delete all the emails you send me until I return from vacation. Please be patient, and your mail will be deleted in the order it was received.

5. Thank you for your message, which has been added to a queuing system. You are currently in 352nd place, and can expect to receive a reply in approximately 19 weeks.

6. Hi, I’m thinking about what you’ve just sent me. Please wait by your PC for my response.

7. I’ve run away to join a different circus.

8. I will be out of the office for the next two weeks for medical reasons. When I return, please refer to me as ‘Lucille’.