Will You Add? - Business

Questionable Collection Ethics Back In The News!
There's been a lot of bad press lately pertaining to the ethics of debt collectors. As the owner of a collection agency, I'd like to take this opportunity to respond to such allegations. As a general rule, businesses contract with collection agencies in an effort to resolve

10 Business Card Basics: Does Yours Have Them?
Do you consider your business card a marketing tool, or just a basic business necessity? If your answer is "a basic business necessity" you're missing out on an inexpensive, often overlooked, valuable marketing tool.I think many small business owners miss the boat

What should you be concentrating on, generating more sales, or reducing operating costs? Actually, the ideal is to do both simultaneously. The only way to make profits, is to increase sales and reduce expenses. Naturally, when it comes to “marketing,” most people immediately think of generating sales; and that’s good. But there are other aspects to marketing that can be managed better and result in the same goal—profits.

When it comes to cost savings, there are many ways to cut costs: pricing, purchasing, shipping, long distance/couriers, reduction in time spent on mundane activities, and many others. Let’s say you were able to reduce your operating costs by 10%. Additionally, let’s assume this amounted to $10,000. Where does this ten grand go? It flows straight to the bottom line: ‘net profits before tax’.

[You can even find ways to reduce your taxes!] Now let’s take a look at the other side of the coin: generating more sales. Assume that your profit on each additional dollar of sale is also 10%. For every extra $100 thousand in sales (on the top line), you generate $10,000 on the bottom line. If your average sale is

Understanding Generational Differences
For the first time since the Industrial Revolution there are four different generations with four different approaches to the world of work. These differences can be of value to the organization OR it can create great conflict within the workforce. The first ste

comes to “marketing,” most people immediately think of generating sales; and that’s good. But there are other aspects to marketing that can be managed better and result in the same goal—profits.

Becoming a CPA
The letters CPA mean a Certified Public Accountant to the professional business world. They also mean that a person has received a very broad-based education, has passed all parts of the CPA exam, and has the knowledge, skills and abilities to be a trusted business advisor

gs, there are many ways to cut costs: pricing, purchasing, shipping, long distance/couriers, reduction in time spent on mundane activities, and many others. Let’s say you were able to reduce your operating costs by 10%. Additionally, let’s assume this amounted to $10,000. Where does this ten grand go? It flows straight to the bottom line: ‘net profits before tax’.

Research Buying Tips
In some cases, such as reviewing the Yellow Pages to determine the level of competition for a specific geographic area, marketing research can easily be accomplished by small business owners themselves. However, as the research becomes more complicated, the small

y, let’s assume this amounted to $10,000. Where does this ten grand go? It flows straight to the bottom line: ‘net profits before tax’.

Lessons in Branding From the Blackjack Table
Over the years, I've spent a lot of time traveling to Las Vegas for business, particularly in my corporate past.Large trade shows, and conferences that meant day long 'schmooze' fests with sales people, product managers and other executives all trying to out network

of the coin: generating more sales. Assume that your profit on each additional dollar of sale is also 10%. For every extra $100 thousand in sales (on the top line), you generate $10,000 on the bottom line. If your average sale is $2,500, how many extra units do you have to sell to earn that extra $10,000? You have to sell an extra 40 units at $2,500 each, in order to equal the same savings you earn by reducing your existing costs by 10%. What if the incremental costs to achieve this $10 grand in extra profit (through cost-savings) is also $2,500, the selling price of one unit. Would you spend an extra $2,500 to earn at least $10,000 in pure bottom-line profit? Sure you would!

How easy do you think it will be to increase sales or reduce costs? Really it’s a no-brainer. Generating that extra 40 units is not going to be a piece of cake. Marketing, advertising, selling and servicing the customer are time-consuming, difficult tasks. If they weren’t, we’d all be rich. But going through your existing operating system and seeing where you can trim the fat –or use new technology, for example — takes less effort, time and

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We should differentiate our staff and customers. It's the best thing we can do for our business.

Obviously, any given entrepreneur is going to retain a different variety of traits, skills, resources, etc. I'm not going to go through the whole list right now as we all know that it could go on forever. All I want to do is mention one key factor which every entrepreneur absolutely must have. For some reason, perhaps because it seems so obvious, this factor is often overlooked.

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Will You Add? - First, Grab a Sharp Pencil...or...Which is Best? Generating Sales, or Reducing Expenses?

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